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OIF Takes Stake in Jurys Inn
August 1, 2008
The Oman Investment Fund (OIF) acquired a 50% partnership interest in Jurys Inn, a holding of PE real estate group Quinlan Private, which acquired Jurys in July of 2007. Terms of the deal were not disclosed. The OIF is the investment arm of the Sultanate of Oman.
Since Quinlan acquired Jurys, a Dublin-based hotel group, the company has slowly expanded, adding three additional hotels, bringing the total to 23 across the UK and Ireland. The goal is to add another 10 new hotel sites during 2009 and 2010, with “an extensive pipeline” of new hotel sites that have been secured, resulting in 48 Inns being fully operational by 2012. The company will also expand into Central Europe, with locations in Prague and Budapest scheduled to open in two years.
In a statement, OIF’s deputy CEO Hassan Al Nabhani cited the group’s expansion as a draw. “OIF was impressed with the quality of the Jurys Inn business as well as its growth potential,” he said, adding that the company operates in segment that “is proving very resilient in the current environment.”
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