The Caterer

Sean Dunne to sell stake in Jurys Doyle

11 November 2005
Sean Dunne to sell stake in Jurys Doyle

Irish property developer Sean Dunne has agreed to sell his 28% stake in Jurys Doyle hotel group to the Doyle-family consortium JDH Acquisitions for €20m (£13.5m).

The deal brings to an end months of speculation on the future of Dunne's involvement with the hotel company, which peaked when he completed the €260m (£175m) Ballsbridge site deal last month.

Dunne said: "I view a minority shareholding in a public company over which I have no say in its direction as negative for both parties."

Dunne has agreed to JDH's offer of €18.90 (£12.70) per share despite having paid up to €19.50 (£13.10) for some Jurys Doyle shares recently.

But the move will provide him with the cash he will need to buy Jurys Doyle's Berkeley Court hotel in Dublin. He put in a tender for the property, which is valued at around €100m (£67m), along with at least seven other bidders.

JDH owns just over 50% of the company but needed to acquire more than 80% of shares to take the company private and realise their ambitions of continuing to run it as a hotel business. This deal should now secure that.

By Emily Manson

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