Pandox preferred bidder for Jurys Inn portfolio

30 November 2017 by
Pandox preferred bidder for Jurys Inn portfolio

Pandox is believed to be the preferred bidder for the Jurys Inn portfolio with an offer of around £800m.

It is believed the Swedish hotel investment group would appoint Leonardo Hotels to operate the properties, according to The Times.

The portfolio is being sold by US private equity firm Lone Star Funds, and includes 36 Jurys Inn hotels across the UK, Ireland and Czech Republic, and the Hilton Garden Inn London Heathrow. Lone Star purchased the Jurys Inn portfolio for £680m in 2015.

It went on to create Amaris Hospitality as an overarching company to manage a collection of 89 hotels, including Jurys Inn. Amaris spent around £100m rebranding and improving its portfolio, with around £45m on the capital spent on Jurys Inn. It has also sold all 21 of the Hotel Collection properties. If the sale goes ahead, Amaris would be left with 27 properties.

Pandox published a statement on its website which said it was "evaluating the possibilities for a major acquisition" and "more information will be provided when deemed appropriate or when an obligation arises".

However, it added: "The deal is complex and current negotiations may not necessarily lead to an agreement, and it is not certain that the transaction will be successfully concluded."

Jurys Inn declined to comment.

Pandox owns 122 hotel properties, mainly in Europe. The Hilton London Heathrow Airport, which acquired for £80m earlier this year, is the group's only UK hotel.

Lone Star rumoured to sell Jurys Inn and six Hilton hotels for more than £1b >>

Swedish company to acquire Hilton London Heathrow Airport for £80m >>

Lone Star Funds acquires Jurys Inn portfolio of 31 hotels >>

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