Families could play major role in billion-euro fight for Jurys Doyle chain

THE Doyle and Beatty families could prove pivotal in the fight for control of the Jurys Doyle Hotels Group.

Despite rumours of a counter bid to Precinct’s €1.1 billion for the 33 hotels, sources close to the group said nothing concrete has emerged.

However, a spokesman for Derek Quinlan, who bought the Savoy last year for €1.1bn, confirmed he was interested in a possible bid.

A spokesman for Mr Quinlan said yesterday: “He is interested. He is monitoring the situation. It would be a logical investment for the type of firm that it is.”

He declined to comment on the likelihood of a bid.

The Jurys Doyle board has until Friday to respond to the latest offer from Precinct, headed by Bryan Cullen.

He has the backing of the powerful, and wealthy London-based property duo David and Simon Reuben.

For the past few days, market rumours have linked Mr Quinlan to a potential counter bid for the group. He has been a private property investor for a number of years.

Said to be close to Jurys director Bernie Gallagher, it is believed the two have had informal talks about what form a potential bid could take.

Further spice is added to the battle for control of one of the country’s oldest hotel chains by Sean Dunne’s successful €260m bid for the key five- acre site in Ballsbridge.

Mr Dunne spent €37m buying a 3.5% equity in the chain, and plans to build that to 12% to ensure the deal is honoured by Precinct.

He has indicated his support for the Precinct bid, conditional on his getting extra land at the Ballsbridge site.

The Doyle and Beatty families are against the Precinct offer, which has caused friction between the rest of the board and its management.

The three Doyle sisters, Bernie, Anne and Eileen, control 25% of the equity, while the Beatty family and others have another 7% giving them a combined 32% stake. Two sisters sit on the board while Tom Roche represents his wife Anne at board level.

Combined, the Doyles and Mr Roche are said to be worth close to €1bn. The sisters, daughters of the late hotel pioneer PV Doyle, are determined to keep his link with the group intact. Some market sources believe the family could still succeed in frustrating the Precinct offer.

Last month, Jurys agreed to recommend an informal offer from Irish-based Precinct Investments after it revised its proposal for a fourth time to €17.50 a share, compared to a previous approach at €16.50.

Precinct, which took Ireland’s Gresham Hotel Group private last year, has until Friday afternoon to table a formal bid.

Jurys shares were trading up 0.85% at €17.70. The stock price has risen 46% since rumours of a possible bid first surfaced in early May.