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US INVESTORS HAVE bought the Jurys Inn hotel group for just shy of €910 million (£680 million).
Lone Star Funds have agreed to buy the chain from Oman Investment Fund, Mount Kellett Capital Management, Ulster Bank (part of the Royal Bank of Scotland), Westmont Hospitality Group and Avestus Capital Partners.
Jurys Inn has five hotels in Ireland, one in Prague, four in London and 21 more across the UK. It employs about 2,000 people and operates 7,000 rooms.
John Brennan, CEO of Jurys Inn, said that Lone Star is “very committed to the future growth and development” of the business.
“We look forward to working with them in realising our joint ambition for the business and to capitalise on the significant opportunities emerging within our sector,” Brennan stated.
Nick Weber, Head of Europe for Mount Kellett Capital Management, said that Jurys Inn was “burdened by excessive debt and faced an uncertain future” less than two years ago, but has since been transformed into “one of the leading mid-market hotel groups in the UK and Ireland”.
John Davison, Global Head of the Strategic Investment Group at the Royal Bank of Scotland, said the group was “very pleased” with the sale.
We are delighted to see that a combination of new capital and active management of the business has resulted in a successful turnaround and growth story. We appreciate the efforts of the management team, the employees and our fellow shareholders and lenders in being able to deliver this very positive outcome.
The sale is subject to approval from the Competition and Consumer Protection Commission in Ireland, and is expected to close in the next two months.
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Rest in peace
I used to go to the Harcourt Hotel on a Sunday night to see Paddy Cole perform and sometimes Ronan Collins would be there performing with him as well , those were the good auld days , RIP Paddy fantastic musician and singer as well
@Sean Fox: great musician but singing was NOT his forte. He once quoted a friend who claimed “he couldn’t sing and had the records to prove it”!!!
RIP Paddy. A fantastic musician and performer that I had the pleasure to see and meet with on occasion. A true gentleman on top who always had time for a chat after a show. Sad to hear of your passing. Rest in eternal peace
Rest in peace Paddy
Loved his radio show on a Sunday morning, he’ll be missed, RIP Paddy.
My Wife & I had our first date at the Harcourt Hotel where Paddy & his Jazzmen played.Never forgotten. R.I.P.
R.I.P Mr. Cole…loved your sunshine radio show every Sunday morning….hope they keep it going…your a legend….condolences to all his family…
RIP Paddy
O’Neill Tractors
RIP Paddy and thank you.
RIP Paddy.
Mister Happiness has departed! RIP!
Rest in peace. A truly wonderful musician and showman
A wonderful character, RIP Paddy
A real Star. Fab musician and his radio show was always entertaining. Rest in peace Paddy.
My first Harmonica came with an instruction booklet by Paddy Cole on how to play the thing with basic old timey tunes.
@Terry o donnell: are you sure that wasn’t Don Baker?
@Terry o donnell: that was Don Baker. Good book!
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