Bank may seek to sell off €1.2bn Jurys Inns
Published 04/12/2011 | 05:00
Jurys Inns, which was sold to Derek Quinlan for €1.2bn in one of the biggest boom-time deals, is thought to have attracted bidders.
Royal Bank of Scotland which holds €757m of the buyout debt, is understood to be looking at restructuring the loans. PricewaterhouseCoopers has been appointed to examine various options, including the outright sale of the hotel chain. The bank is selling off billions of loans and assets as part of a major delveraging process.
A number of major private equity firms -- including Blackstone, TPG and Starwood Capital -- have been linked with approaches for the firm.
Derek Quinlan blew his rivals out of the water with an extraordinary €1.2bn bid for the chain in 2007. He promptly offloaded a 50 per cent stake to Oman's sovereign wealth fund. It is thought that the oil-rich Gulf state may also be considering either mopping up the remaining shares or helping refinance the debt.
Denis Brosnan's Lydian Capital, the underbidder, is not thought to be interested in buying the budget hotel group any more. John Gallagher and the Doyle family who sold the hotel chain are thought to be more interested in the Jurys sites in Ballsbridge which they also sold at the top of the market to property developers.
Jurys Inns has more than 30 hotels across Ireland, the UK and the Czech Republic, including the landmark hotel at Croke Park.
Sunday Indo Business