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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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Hopefully they’ll invest money in what are some of the most soulless and dated hotels in the country. They have the name of being nothing short of knocking shops. Bit of time effort and money is badly needed.
They don’t need to. They have close to full occupancy every night. They don’t try or want to be a five star.
I don’t know when you last stayed in one….. They are much improved compared to 5 or 6 years ago.
The jury is out on this deal
Terrible!
Here’s your coat, what’s your rush?
Maybe they will finally invest some money in staffing, as at the moment they are running nowadays ”labour camps”
And why am I getting red thumbs? Has anyone worked in those camps?
€130,000 per room? Sounds juicy. Product of ultra low interest rates I guess.
The original Jury’s in Dame Street was a real hotel and the bar was particularly nice, as Joni Mitchell put it
“Don’t it always seem to go
That you don’t know what you’ve got
Till it’s gone
Is that Joan Mitchell from the liberties, Pats wife?
have your say