Swedish And Israeli Firms Purchase Jurys Inn Portfolio For €908m
Following the news in November that Swedish hotel group Pandox was on track to purchase the Jurys Inn business, it’s now been confirmed that Pandox and Israeli firm Fattal Hotels have acquired a portfolio of 37 hotels from American equity group Lone Star for £800 million (€908 million).
The deal includes the entire Jurys Inn chain, as well as the Hilton Garden Inn at London’s Heathrow Airport.
The Irish Times reports that Pandox will take ownership of 20 of the hotels, with all 35 Jurys Inn venues being operated by a subsidiary of Fattal, named Leonardo.
Commenting on the acquisition, Pandox chief executive Anders Nissen, said, “Through the acquisition, Pandox adds 20 new hotel cities to its portfolio and achieves a considerable market presence in the UK and the Republic of Ireland, which are large and dynamic hotel markets.”
The Irish venues included in the acquisition are the Jurys Inn hotels in Dublin, Galway and Cork. If the transaction is completed before 31 December, Pandox anticipates that the portfolio will generate approximately €45.3 million in operating income next year.
Fattal chief executive David Fattal commented, “[The deal] represents a huge step forward in our growth. With this, we have the opportunity to further expand and strengthen our expertise and brand awareness in Europe. We look forward to this new challenge.”