Jurys Inn hotel group to be sold for £680 million

Jurys Inn hotel group to be sold for £680 million

JURYS INN hotel group is set to be sold to a group of US investors for £680m.

Founded in Ireland, the chain currently runs 31 city centre venues – with four in London, 21 across the remainder of Britain, five in Ireland and one in Prague.

In 2013 it was sold to current shareholders the Oman Investment Fund (OIF), Mount Kellett Capital Management, Ulster Bank, Westmont Hospitality Group and Avestus Capital Partners.

This week, after less than two years spent restructuring the business’ debt, the group confirmed their intention to sell the chain, in a £680m deal brokered by the US hedge fund firm Lone Star Funds.

Jurys Inn currently employs 2,000 people and operates 7,000 rooms.

Although subject to approval by the Competition and Consumer Protection Commission in Ireland, the Lone Star Funds deal is expected to be completed in March.

Jurys Inn Chief Executive John Brennan, who will continue in the position post-sale, confirmed this week: “I would like to thank our existing shareholders for their commitment and support and welcome Lone Star Funds as our new owners.”

He added: “We are 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.”