US investors are showing interest in the Jurys Inn hotel group, proposing to buy the group in a deal valued at over $1 billion.
According to RTE news, Lone Star Funds agreed to buy the chain from Oman Investment Fund, Mount Kellett Capital Management, Ulster Bank, Westmont Hospitality Group and Avestus Capital Partners. Jurys Inn was founded in Ireland, and has 31 hotels -- four in London, 21 across the rest of the UK, five in Ireland and one in Prague.
The company's existing management team, including its CEO John Brennan, are to continue in their positions following the deal, which is expected to close by the end of March.
Jurys Inn released a statement that its businesses have been out-performing competitors in the UK and Ireland. Hassan Al Nabhani, chief executive of Oman Investment Fund, told The Independent that debt restructuring was one keys to the company's increased returns in recent years.
"Jurys Inn is one of OIF's earliest investments," Nabhani said. "The capital restructuring undertaken in May 2013, with the cooperation of the lenders and our partners, revived the group paving a new path of growth and progress."
“Prior to its acquisition less than two years ago, Jurys Inn was burdened by excessive debt and faced an uncertain future," Nick Weber, head of Europe for Mount Kellett Capital Management, told Breaking News.ie. “The investor group brought fresh capital, restructuring expertise, and a focused strategy to help transform the company into one of the leading mid-market hotel groups in the UK and Ireland.”
The transaction of the hotel group is subject to approval from the Competition Consumer Protection Commission in Ireland.