Dunne ready to sell Jurys stake

JURYS DOYLE is set to disappear from the stock exchange after property developer Sean Dunne said he would sell his 28% stake to the hotel group’s majority shareholder yesterday.

Yesterday’s announcement means JDH Acquisitions, the consortium headed by the Doyle family that has control of around 56% of the company, will be able to bring its stake over the magical 80% figure needed to force through a vote to take the company private.

Mr Dunne said his company, DTC Construction Services, would sell its €350 million stake at a profit of around €20m.

“I am very happy with my investment which will realise a profit of €20m,” he said.

“I view a minority shareholding in a public company over which I have no say in its direction as negative for both parties.”

Mr Dunne, who recently acquired the site of the Jurys hotel in Ballsbridge for €260m and is in the running to acquire the adjacent site of the Jurys-owned Berkeley Court hotel, added that it would be in his best interests to realise a profit on the investment and go back to his day-to-day business of property development.

“I take this opportunity on behalf of DTC Construction Services Ltd to wish the management of Jurys Doyle and JDH Acquisitions every success in the future.”

The announcement brings to an end months of speculation over the hotel group’s future, which has been circled by potential buyers since May. Gresham Hotels owner Precinct Investments set the ball rolling by offering €15.25 per share, valuing the company at €960m, before upping its bid to €17.50 per share.

The group was later linked with potential takeover attempts headed by Mr Dunne, hotelier Paddy Kelly, financier Derek Quinlan and British property billionaires the Reuben brothers.

But the Doyle family consortium, which owned around 22% of the company at the start of the summer and had five representatives at board level, took centre stage in September with an €18.90 offer that valued the company at €1.25 billion.

Mr Dunne originally ruled out selling his stake and said he would be happy to remain a long-term investor in the company.

The company would have faced a lengthy stalemate with Mr Dunne on board, however, as the Doyle family would have held enough votes to run the company but could not have passed special resolutions governing major decisions without his agreement.