The future of Jurys Inn is reported to have been secured with new investors.
The 32-strong chain has attracted a consortium led by Royal Bank of Scotland which has pledged to inject £160 million into the business in return for a cut in its debts, according to the Sunday Times.
Hedge fund Mount Kellett and US hotel group Westmount have taken part in the new round of investment in the three-star hotel group which has properties in the UK, Ireland and Prague.
The deal, which is expected to be confirmed in the next few weeks, will see lenders write off about £350 million in loans, reducing debt to about £240 million, the newspaper reported.
It will enable some of the hotels to be revamped.
Oman’s sovereign wealth fund, which became a half shareholder after the company was taken over by Irish tycoon Derek Quinlan in 2007, is to remain as an investor, the report said.
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.