Land sale is turning point for group

For signals on what will happen next at Jurys Doyle, all eyes must fall on Sean Dunne.

Now that he has his Ballsbridge site, will he be happy to sell his shares at €18.90 to the Doyles or will he push for more?

Alternatively, will he bid for the company himself in conjunction with another party? Private equity group Orion is still thought to be in the picture as a potential backer, should assistance be required.

If Mr Dunne does not provide any answers, we could try asking Liam Carroll, the even more prosperous property developer, where he stands on things.

Mr Carroll, who tends to keep his business dealings very quiet, holds an 8.3 per cent stake in Jurys and could end up as a kingmaker in any takeover competition.

Sources say that he has been careful to take corporate finance advice on his options, which at this stage remain open.

The Doyle consortium - the other main player in this continuing drama - is meanwhile expected to table a firm bid at €18.90 early next week.

Whatever happens, yesterday's land sale marks a turning point at Jurys, both on the takeover process and on the company's future.

Chairman Richard Hooper put it bluntly when he said that the firm could no longer carry worn out properties such as the Jurys Ballsbridge hotel. Guests want "modern, new hotels" such as the firm's new Croke Park property, he said.

The company has already signalled that it will sell the Montrose and Berkeley Court hotels now that the Ballsbridge deal is done and Mr Hooper said that this decision would now move on to the main agenda. These sales would, however, be unlikely to proceed as planned if a takeover was approved over the next few months.

Jurys chief executive, Pat McCann, has meanwhile reaffirmed the company's commitment to refurbishing and running the Burlington Hotel for the long term.

The Doyle consortium has signalled that it too is interested in running Jurys as a hotel company.

What any other bidder might do however is unclear, a factor that will cause some discomfort for the hotel group's staff.

Already, 600 full-time staff are facing possible job losses as a result of the Berkeley Court and Ballsbridge closures.

This will undoubtedly affect morale at the properties between now and 2007, when Mr Dunne is due to take possession of the Ballsbridge site. For his part, Mr McCann said he is "very encouraged" by advance bookings at the hotels.

One big question at yesterday's egm was whether or not shareholders had lost out by selling the Ballsbridge site in two parts rather than all at once. Mr Hooper said the board was happy that this was not the case.

He was slightly less forthcoming on the notion that the proceeds sale to Mr Dunne will produce a special dividend for shareholders, saying the money might instead go into new hotels. He did not mention that it is even more likely to go straight into the pocket of whoever finally manages to take the company over.