Lone Star Eyes €300m Profit On Sale Of Jurys Inn
Lone Star Funds has announced that it is selling the Jurys Inn chain, with bids of up to €1.5 billion likely when the property goes to market.
Lone Star originally acquired the chain for an estimated €930 million in 2015 and it is speculated that the American private equity firm will make a profit of at least €300 million on the sale.
The Irish Independent reports that Ireland's largest hotel group, Dalata, is unlikely to be among those bidding for assets due to the Jurys Inn chain allegedly not representing good value for the company, despite Dalata's previously announced plans to expand its presence in large regional UK cities where Jurys Inn outlets feature prominently.
Jurys Inn is currently part of the Lone Star-owned Amaris hotel group, which also encompasses venues operating under the Hilton name as well as a number of others. It is thought that the rest of the Amaris portfolio will be sold subsequently following the sale of the 39 Jurys Inn hotels, two of which are located in Dublin, with one each being located in Cork, Galway, Belfast and Prague and the rest being based in Britain.