Lone Star Funds completes €900m Jurys Inn deal

US private equity group Lone Star Funds has closed its €900 million acquisition of Jurys Inn, following approval by the competition authority.

John Brennan, CEO, Jurys Inn said: "We are pleased that the acquisition has now completed. Lone Star is committed to the future growth and development of our brand and business. We look forward to working with them in realising our joint ambition and to capitalise on the significant opportunities emerging within our sector."

The Competition and Consumer Protection Commission cleared the transaction on March 5th 2015.

Lone Star Funds acquired the chain of 31 hotels from a group of investors: the Oman Investment Fund, Mount Kellett Capital Management, Ulster Bank, Westmont Hospitality Group and Avestus Capital Partners.

Jurys Inn operates 21 UK provincial hotels, four London hotels, five hotels in Ireland and one in Prague. It employs approximately 2,000 people.

Lone Star Funds has been active in the Irish market in recent years, acquiring sub-prime mortgage lender Start Mortgages as well as acquiring a portfolio of assets from IBRC as well as property assets in Dublin