DUBLIN—British hotels chain Jurys Inn Goup Ltd. has completed a debt restructuring that will see existing shareholders, including Oman Investment Fund, a sovereign wealth fund, invest $183M (£120M) in new equity into the business.
The result will be that lenders will cut the company's debt burden by more than half to about $380M (£250M), ending a difficult period for Jurys which has been hampered by debt, accroding to report from Property Investor Europe.
The uncertainty for the group stems from a 2010 breaching the terms of its debt and a losss of booking a $705M (£463M) that year due to a slump in the value of its hotels. The company was acquired in 2007 by Quinlan Private for $1.6BN (€1.2bn) at the peak of the property boom after a contested auction. Under the terms of the Jurys rescue plan, Oman Investment Fund and investor Avestus will inject the new equity, as will New York-based private equity group Mount Kellett Capital Management and Westmont Hospitality, a large privately-owned specialist hotel investor.
Jurys now has 31 hotels across Britain and Ireland and one in Prague.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
