Jurys Inn Set For €900 Million Takeover By Lone Star
Published on Jan 26 2015 10:18 AM in Hotel
The Jurys Inn chain is set to be taken over by US-based Lone Star Funds in a deal worth over €900 million.
The deal will see Lone Star, a private equity group, take over Jurys assets outright as well as their remaining loans, the Irish Times reports.
Jurys, which is currently owned by a group of investors, operates 31 hotels and employ over 2,000 staff. Along with five hotels in Ireland, it runs 25 based around the UK and one in Prague.
In 2013 the chain received a €140 million investment, as well as a €330 million debt write-off, from a syndicate of investors made up of the Oman Investment Fund, Mount Kellett Capital Management, Ulster Bank, Westmont Hospitality Group and Avestus Capital Partners.
This deal saw the group become more successful in recent years, led by chief executive John Brennan who will stay on under the new owners.
Texas-based Lone Star have been busy in the Irish market already, acquiring sub-prime mortgage lender Start Mortgages last November. The firm typically take over distressed debt tied to property.
The deal, subject to approval by the Consumer Protection Commission in Ireland, is expected to be completed in the first quarter of this year.