Lone Star are ready to sell the Irish hotel chain...
US vulture fund Lone Star is aiming to make a profit of at least €300 million when it sells Irish hotel chain Jurys Inn.
Jurys Inn, part of the Amaris hotel group, is likely to attract bids of as much as €1.5 billion as Lone Star flips the business.
The network was originally established by the Jury’s Doyle company here in Ireland as a lower-cost alternative to their four and five star hotels.
It was sold on by that group a decade ago for €1.166bn to a consortium assembled by financier Derek Quinlan.
Like many other assets traded at that time, they have been traded a number of times since. In 2013, the chain restructured its debt, agreeing a write-off of £290 million with its banks, including the Irish Bank Resolution Corporation, AIB and Ulster Bank.
The properties were ultimately acquired by the private equity group Lone Star for roughly €930m two years ago. Lone Star's Irish dealings have also seen it buy hundreds of millions of euro in troubled mortgages that it has moved to restructured.
Some 42 properties will be on the block, including six Jurys Inns in Dublin, Cork, Galway and Belfast. The Hilton Garden Inn on Custom House Quay in Dublin is also involved.
It is thought that the remainder of the Amaris portfolio, which is headed up by Irishman John Brennan, will subsequently be sold.