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.
Johh 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.