Jurys Inn acquired by Lone Star Funds for £680m
The deal between Lone Star and Jurys Inn owners Oman Investment Fund, Mount Kellett Capital Management, Ulster Bank, Westmont Hospitality Group and Avestus Capital Partners, is expected to complete this quarter subject to approval by the Competition and Consumer Protection Commission in Ireland.
John Brennan, chief executive of the 31-strong hotel group, said the investment would help with the future growth and development of the brand.
“I would like to thank our existing shareholders for their commitment and support and welcome Lone Star Funds as our new owners," he said. "The substantial investment in our business and brand, coupled with the efforts of management and our employees, have allowed us to deliver record results in recent years.
"We are now delighted to have attracted a new owner of the scale and calibre of Lone Star Funds, who are very committed to the future growth and development of the Jurys Inn brand and business and 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.”
Under the move, Brennan will continue to lead Jurys Inn which operates 25 hotels in the UK, five in Ireland and one in Prague.
Investment and innovation
The group successfully completed a financial restructuring of the business in 2013 and has been subjected to a programme of continuous investment and innovation over the last few years. The company also recently acquired three leasehold properties as part of its strategy to strengthen its portfolio of hotel assets and provide greater flexibility around their future development.
Nick Weber, Head of Europe for Mount Kellett Capital Management, said the sale was a 'great outcome for all stakeholders' and congratulated Lone Star on its purchase.
"We are delighted with this transaction, which marks the completion of a tremendously successful repositioning of Jurys Inn," he said.
"Prior to its acquisition less than two years ago, Jurys Inn was burdened by excessive debt and faced an uncertain future."
