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50 per cent stake in Jurys Inns sold
By Caroline Wilkinson
Quinlan Private, the Dublin-based property investment firm, has sold a 50 per cent share in its budget hotel chain Jurys Inns Group, and has announced extensive plans to expand the brand internationally.
The stake was bought by Middle Eastern firm Oman Investment Fund (OIF), a division of the Sultanate of Oman, as part of its aims to build a global investment portfolio.
Jurys Inns Group has 23 hotels across the UK and Ireland and has a further 10 sites currently being developed, which are expected to open 2009/10. There are also 48 in the pipeline due to open by 2012, including the group's first hotels in Central Europe – in Prague and Budapest.
Hassan Al Nabhani, deputy chief executive of OIF, said: "OIF believes that the Jurys Inns has many attractive characteristics and is excited to participate in the next phase of the group's expansion. We were impressed with the quality of the Jurys Inns business, as well as with its growth potential."
Thomas Dowd, partner in Quinlan Private, said: "We are confident that OIF's insight will assist the group to continue to progress its ambitious growth plans."
Quinlan Private, the Dublin-based property investment firm, has sold a 50 per cent share in its budget hotel chain Jurys Inns Group, and has announced extensive plans to expand the brand internationally.
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