Irish property group Quinlan Private has sold a 50% shareholding in hotel group Jurys Inns to Middle Eastern investors.
The stake has been bought by Oman Investment Fund (OIF), an investment arm of the Sultanate of Oman.
Quinlan acquired the Jurys Inns business in July 2007 and has opened three new sites since bringing the total number of hotels in the chain to 23 in the UK and Ireland.
A further 10 Inns are under development and due to open in 2009/10, with plans to have 48 Inns trading by 2012, including the opening of the group's first Inns in Central Europe in Prague and Budapest in 2010.
Hassan Al Nabhani, deputy chief executive of OIF, said: "OIF is pleased to have made the investment in Jurys Inns. We believe that the group has many attractive characteristics and is excited to participate in the next phase of the Group's expansion. We were impressed with the quality of the Jurys Inns business, as well as with its growth potential as part of the budget sector."
He added "Jurys anticipate being in a position to take advantage of the correction in site values by acquiring additional UK locations".
Thomas Dowd, partner at Quinlan Private, said: "We are confident that OIF's insight will assist the Group to continue to progress its ambitious growth plans."
By Gemma Sharkey
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