Quinlan Private sells 50% stake in Jurys Inns to Oman Investment Fund

QUINLAN PRIVATE, the Dublin-based international private investment firm, has sold a 50% stake in its Jurys Inns business to the Middle-Eastern Oman Investment Fund (OIF) for about €200 million.

Quinlan bought the Inns business for €1.16 billion last summer and has since increased the number of properties in the chain by three to 23, while a significant expansion plan is in place for the next few years. Ten more hotels are due to open in 2009-2010 and sites have been secured for further building which should see the Jurys Inns portfolio stretch to 48 fully operational properties by 2012.

This will also include the brand’s expansion into the central/eastern European market, particularly the Czech Republic and Hungary.

OIF, an investment arm of the Sultanate of Oman, said it was attracted by the brand’s “many attractive characteristics” and its growth potential, adding that it was excited to participate in the next phase of the group’s expansion.

“OIF was impressed with the quality of the Jurys Inns business as well as with its growth potential and it operates in the fastest growing sector of the hotel industry, which is proving very resilient in the current environment,” said OIF’s deputy chief executive, Hassan Al Nabhani.

Mr Al Nabhani said that OIF anticipates partnering with Quinlan Private in other future investment opportunities.

Commenting on the deal — which was initially agreed between the two parties six months ago, but has awaited conclusion as OIF completed its due diligence process — Quinlan Private partner, Thomas Dowd, said: “We believe that OIF’s experience will be of great value to the business and are confident that its insight will assist the group to continue to progress its ambitious growth plans.”