Jurys Inn sold for £800m
The Jurys Inn portfolio of 36 hotels has been acquired from US private equity company Lone Star Funds by the Israeli-based Fattal Hotels Group and Swedish hotel investment company Pandox for £800m.
The deal includes the Hilton Garden Inn London Heathrow.
Leonardo Hotels, the European arm of Fattal, will operate all 36 Jurys Inn properties, including 35 in the UK and Ireland and one in Prague. Jason Carruthurs, who will remain as managing director of Jurys Inn, said: "Pandox and Fattal will be excellent new long-term owners and operators for Jurys Inn and we look forward to working with our new colleagues in Leonardo with whom we share a passion for excellence in hospitality."
Lone Star purchased the Jurys Inn portfolio for £680m in 2015, as part of a wider spending spree within the UK hotel sector and went on to create Amaris Hospitality, comprising a collection of 89 hotels. Over the past two years the group spent around £100m on rebranding and updating the hotels, with around £45m being splashed on Jurys Inn.
Many properties within Amaris Hospitality have now been sold, including all 21 within the Hotel Collection, leaving 27.
Fattal, which operates 126 hotels in 14 countries, was founded in 1998 by David Fattal. It operates seven hotels under the Leonardo brand in the UK. Meanwhile, Pandox owns 122 hotels in 11 countries.
Fattal described Jurys Inn as "a great business and brand", and added that he was "impressed with the strength of the management and the quality of the workforce which has contributed to the high level of customer satisfaction that the Jurys Inn brand enjoys".
For Pandox, the deal was said by chief executive Anders Nissen to fulfil the group's "strategic criteria regarding countries, cities and locations, as well as size, segment and profitability".
James Riddell, managing director, Lone Star, thanked Carruthers, the wider Jurys Inn management team and all the group's employees for their "commitment and support under the ownership of Amaris Hospitality" and wished them success into the future.
Pandox preferred bidder for Jurys Inn portfolio >>
Lone Star rumoured to sell Jurys Inn and six Hilton hotels for more than £1b >>
Leonardo Hotels snap up Portland Hotels >>
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