Kelly group opts out of race for Jurys Doyle group

HOTELIER Paddy Kelly formally ruled himself out of a late counterbid for the Jurys Doyle Hotel group yesterday.

Mr Kelly, whose interests include the Choice hotel group, office space specialist Prem Group and Heuston Hospitality, said he had decided against tabling an offer.

A statement issued to the stock exchange on behalf of Mr Kelly and Choice, Prem and Heuston directors said they were quitting the race.

“We wish to confirm we do not intend to make or to participate in making an offer in respect of Jurys Doyle,” they said.

Mr Kelly had originally declared an interest in the group after The Takeover Panel asked him to make a statement clarifying his intentions in August.

A consortium headed by three daughters of hotelier PV Doyle, who between them owned 22% of Jurys Doyle, have since built up a majority stake in the company, effectively ending the hopes of potential bidders.

Yesterday’s announcement came a day after investment group Quinlan Private stated it would not proceed with a bid for Jurys.

The exit of both groups leaves just the Doyle consortium, property developer Sean Dunne and a handful of institutional investors with an interest in the future ownership of the company.