Pandox leads race for €900m Jurys Inn chain
Swedish hotel group Pandox has confirmed that it's leading the charge to acquire the €900m Jurys Inn chain, which is being sold by US-based private equity group Lone Star.
The Swedish group was named by 'Estates Gazette' yesterday as the lead bidder for the chain, whose properties include two hotels in Dublin, one in Cork, one in Galway, and another in Belfast.
It has a total of 36 Jurys Inn hotels. All but one of the others are in the UK. One of six Hilton-branded hotels are included in the deal.
Lone Star put the chain up for sale earlier this year, having acquired it in 2015 for €900m.
It offloaded some hotels following that deal. Jurys Inn is now part of the Amaris hotel group that's owed by Lone Star.
Pandox told investors yesterday that it has entered a "negotiating phase concerning the possibilities for a major acquisition". "The acquisition concerns a hotel portfolio focused on larger cities in Great Britain and the Republic of Ireland," it said, cautioning that a deal has not been cemented.
"Pandox would like to emphasise that the deal is complex and that current negotiations may not necessarily lead to an agreement, and that it is not certain that the transaction will be successfully concluded."
It added: "Business development, for example acquisitions, divestments, leases and taking over of operations is a natural part of Pandox's business and the company is continuously evaluating such opportunities."
Pandox floated on the stock market in 1997 and has a market capitalisation of about €2.3bn.
Its 122 hotels are located in countries including Sweden, Norway, the UK, Denmark, Germany, Canada and Switzerland.