Quinlan Private has beaten off heavy competition to acquire the Jurys Inn hotel chain for almost EUR 1.2 bn. This is the second major hotel acquisition by Irish entrepreneur Derek Quinlan's real estate and investment advisory group in recent months. Back in April, a group of investors led by Quinlan Private, and Israel's Ahouvi Group completed the acquisition of a portfolio of 47 Marriott hotels in the UK for EUR 1.1 bn.
Quinlan Private has beaten off heavy competition to acquire the Jurys Inn hotel chain for almost EUR 1.2 bn. This is the second major hotel acquisition by Irish entrepreneur Derek Quinlan's real estate and investment advisory group in recent months. Back in April, a group of investors led by Quinlan Private, and Israel's Ahouvi Group completed the acquisition of a portfolio of 47 Marriott hotels in the UK for EUR 1.1 bn.
The latest deal saw a consortium of private investors led by Quinlan Private trump hospitality company Whitbread and Lydian Capital, a vehicle backed by Irish horseracing tycoons John Magnier and JP Mc Manus, and private equity house Premira to acquire the Jurys Inn chain, part of the Jurys Doyle Hotel Group.
Jurys Inn operates 20 three-star 'budget-plus' hotels in city centre locations in Ireland and the UK. Fourteen of the hotels are in the UK and six are in Ireland. There are a number of sites for new hotels in the UK. Quinlan Private plans to expand the brand to the rest of the Continent - particularly Central and Eastern Europe. Quinlan Private owns the Four Seasons hotels in Prague and Budapest.
Olan Cremin, ceo of Quinlan Private, commented: 'We look forward to the exciting opportunities that this portfolio presents and the growth and development of the Jurys Inn brand across Europe. Quinlan Private's track record of managing hotel assets for investors and our investment expertise in Western, Central and Eastern Europe will also be key in rolling out the Jurys Inn product in those markets.'
Prior to the Jurys deal, Quinlan Private had some EUR 9 bn of assets under management in Ireland, the UK, Central Europe and the US. The largest portion (38%) consists of hotels.