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Jurys Inn, which owns a portfolio of 31 hotels, is set to be acquired by Lone Star Funds, a US investment firm, in a deal worth £680m.
The transaction, by the sellers Oman Investment Fund (OIF), Mount Kellet Capital Management, Ulster Bank, Westmont Hospitality Group and Avestus Capital Partners, is subject to approval from the Competition and Consumer Protection Commission in Ireland.
A statement from the company said that its business, which employs more than 2,000 people, has outperformed its competitors in the UK and Ireland, underpinned by investment including an ongoing $50m (£33.3m) programme to improve the portfolio.
The company has also recently acquired three existing leasehold properties as part of its strategy to strengthen its portfolio.
The existing management team, led by CEO John Brennan, will continue to lead the brand. Brennan said: “I would like to thank our existing shareholders for their commitment and support and welcome Lone Star Funds as our new owners.”
Founded in Ireland, Jurys Inn currently operates a portfolio of 31 hotels, comprising 21 UK provincial hotels, four London hotels, five hotels in Ireland, and one in Prague.
