X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DUBLIN-Derek Quinlan may bid for Ireland’s largest hotel group Jurys Doyle, currently valued at around €1.1 billion ($1.36 billion). “He is interested,” a Quinlan spokesman confirms. “He is monitoring the situation. It would be a logical investment for the type of firm that it is.” But he refuses to comment further on the likelihood of a bid. Quinlan Private owns hotels in Milan, Budapest and Prague as well as office blocks and shopping centers.

Clearly, the key to any bid being successful is the support of the Doyle and Beatties families. While Precinct could take control of Jurys with just over 50% (with its €17.50 per-share offer), it would still leave a large number of discontented investors. The Doyle family still has members on the board, even after its merger with Jurys some years ago, and still has a large say in how the company is run.

Precinct, which is backed by British billionaires David and Simon Reuben, bought Ireland’s Gresham Hotel Group last year. The bidder has until Friday evening to make a formal offer for the company, following a ruling by the Irish Takeover Panel. If it does not meet this deadline, it would be precluded from mounting a bid for at least six months.

Reports of another bidder for the company could prompt builder Sean Dunne to increase his stake in the company. Dunne, who is paying €260 million for 4.8 acres of Jurys’ land in Dublin’s Ballsbridge, bought 3.37% of Jury’s last week. The Ballsbridge site is one of the most prized land assets in the state and could be worth hundreds of millions of euro more if developed for residential use.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.