The refinancing of Jurys Inn’s debt of more than £600m, should enable the mid-market hotel group to grow “substantially” over the next five years.
John Brennan, Jurys Inn’s chief executive, confirmed that negotiations with its lenders, including the Oman Investment Fund and Irish private-equity company Avestus Capital Partners, should be complete by the end of the year.
Meanwhile, Brennan said that the group of 32 hotels is outperforming its competitors in provincial UK towns and cities – with average room rates of £60-65 and occupancies of nearly 80% - “by offering a strong product and value proposition”.
Made up of 25 hotels in the UK, six in Ireland and one in Prague, Jury’s Inn recently announced that it is investing £25m on updating its bedrooms and public area, as well as upgrading its IT systems.
“Our commitment to developing our people is also an important part of success, which was endorsed by winning an Investors in People gold award last year,” explained Brennan.
“We’re currently recruiting for our second Grow Graduate Training Programme, having successfully launched the scheme earlier this year when we took on 16 graduates from universities or hotel schools. After two year, we hope to be able to place all the trainees within managerial positions within the company.”
Twenty graduates will be recruited for the 2013 intake of the Grow programme, following an intensive selection process.
By Janet Harmer
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