Quinlan snaps up Jurys Inns for €1.1bn

Former Irish tax inspector Derek Quinlan has bought Irish hotel chain Jurys Inns for more than €1 billion, beating competition from Irish horse racing magnates in the process.

Private equity and real estate investment firm Quinlan Private has acquired Jurys Inns hotels for €1.1 billion ($1.5 billion).

The firm, which is run by Derek Quinlan, reportedly beat off competition from rivals including Irish race horsing duo John Magnier and JP McManus to seal the deal.

Jurys Inns concentrates on the budget-plus sector of the market and operates 20 three star properties in city centers throughout Ireland and the UK. It was put up for sale earlier this year by owner Jurys Doyle following a strategic review of the business.

Under its new owners, the chain will be increased in size with extra outlets to be added not just in Ireland and the UK but in continental Europe as well, including central and eastern parts. Quinlan already has significant investments in that part of Europe, including hotel assets. It has a development joint venture called Quinlan Private Golub with Chicago-based investor Golub.

The acquisition is another milestone for Quinlan, whose firm already owns a string of luxury hotels including the famous Claridges in London. In total it has €10 billion of property assets under management. Some of them are in the US, where Quinlan has been spending a large proportion of his time recently.

Pauline Bradley, the Quinlan Private director who led the deal said of Jurys Inns as part of a statement: “This is a highly attractive business with enormous growth opportunities. It is a hugely interesting opportunity for our investors.” The management team is being kept in place, she added.

Dublin-based Jurys Doyle, which owned Jurys Inn, was taken private in late 2005 by the Monahan, Roche, Gallagher and Beatty families in Ireland through JDH Acquisitions. It restructured the company into two divisions- a luxury hotels division and the Inns business and decided to concentrate on the former.