| WASHINGTON, April 20, 1999 - The acquisition of the
Doyle Hotel Group by Jurys Hotel Group has been agreed today for a total
consideration of $255 million in cash and stock, plus the assumption of
$81 million debt. The enlarged company, to be named Jurys Doyle Hotel Group,
will be Ireland's largest hotel chain by far and will have, among other
things, a presence on two continents, in three capital cities -- Dublin,
London and Washington. The Doyle family will hold a 25% equity interest
in the new, enlarged company.
The combined operations of the new group will feature 19 hotels and
9 inns with over 5,200 bedrooms in Ireland, the U.K. and the United States.
The group's 3,500 employees will generate total revenues of approximately
$190 million annually.
The company's U.S. presence is in the Washington, DC market where it
owns and operates three hotel properties, the Washington Courtyard, the
Normandy Inn and the Doyle Washington Hotel, its most recent $45 million
flagship addition to the group which was officially opened last month.
Mr. Peter Hilary, Regional Vice President in the United States of the
Doyle Hotel Group, said, "The successful conclusion of this important deal
will enable the combined group to take a major step forward and create
a powerful Irish-headquartered hotel group with sufficient scale to compete
internationally. It is our hope that the enlarged group will be in a position
to grow its U.S. operations in the years to come."
Mrs. Bernie Gallagher, Chief Executive Officer of the Doyle Hotel Group,
said "The Doyle family is delighted that these two great hotel groups have
come together to form an Irish-based operation of international scope.
The Jurys Doyle Hotel Group will combine the proven skills of the Jurys'
team with the expertise of the Doyle family and staff, which made the Doyle
Hotel Group a highly-successful and prestigious operation in Ireland and
overseas. As significant shareholders in the enlarged entity, the Doyle
family look forward to making a positive contribution to the future success
of the new group."
Background on The Doyle Hotel Group
The Doyle Hotel Group is Ireland's largest privately owned hotel company.
It has seven hotels in Dublin comprising a total of almost 1,400 bedrooms
together with conference and banqueting facilities. The 5-star Westbury
Hotel and Berkeley Court Hotel are two of the city's leading hotels.
The 4-star Burlington Hotel is Ireland's largest hotel property with over
500 bedrooms and a convention center accommodating 1,200 delegates.
The group has four 3-star hotels in Dublin -- the Doyle Skylon Hotel, the
Doyle Green Isle Hotel, the Doyle Montrose Hotel and the Doyle Tara Hotel
-- all located on main throughfares into the city.
In London, the 4-star Clifton Ford Hotel is located in the West End
near the junction of Bond Street and Oxford Street. The Clifton Ford has
186 bedrooms. In Washington, D.C. the company operates three hotels. The
newly-opened Doyle Washington Hotel is close to the 3-star Washington Courtyard
which is located on Connecticut Avenue. The 3-star Doyle Normandy Inn is
also located nearby. The three Washington hotels have 536 bedrooms in total.
The
Doyle Hotel Group was founded way back in 1964 by Pascal Vincent Doyle
- fondly known as 'PV' by all who know him.
'PV' was a man of vision and recognised that, as tourism
became more available and more affordable, Dublin was going to need new
'medium' grade hotels.
The Doyle Montrose opened it's doors in 1964 and became
an instant success - serving local business during the week and providing
affordable, quality accommodation for guests coming into Dublin at the
weekend.
The same formula was applied to the Doyle Green Isle serving
west Dublin. The Doyle Skylon serving north Dublin and the International
Airport.
The Doyle Tara Hotel followed in south Dublin serving
the Bay area. Tourism was fast becoming recognised as one of Irelands leading
exchange earners and in the early '70's, demand for conferences began to
grow.
The Doyle Burlington was developed in 1972 and was then
and still is Ireland's largest and most complete hotel. 550 large rooms
including an Executive Club, conference for up to 1,200 delegates, one
of Dublin’s most popular bars and Annabels, the city's premiere night club.
The Doyle Burlington is also home to the renowned Doyle
Irish Cabaret Show which entertains well over 60,000 visitors each year.
In 1977 'PV' purchased the then Botanical Gardens from
Trinity College and developed the 5 star Doyle Berkeley Court Hotel.
The Doyle Berkeley Court is still the place that many
people aspire to and features the famous Penthouse Suite, 7,500 square
feet of luxury overlooking Dublin.
The 5 star Doyle Westbury was developed in 1980 and is
Dublin's leading hotel. Located just off Grafton Street, adjacent to St.
Stephen's Green, there isn't a better hotel location in town.
Not content with looking after people here in Ireland,
'PV' set his sights on oversees markets and The Doyle Clifton Ford, in
London was acquired in 1984.
Nestled in historic Marylebone village just off Oxford
St. and near Harley Street, the hotel is popular with all types of visitors
and all types of nationalities.
North America was next on the list and there are two Doyle
Hotels in Washington DC with a third now being redeveloped and scheduled
to open in mid 1988.
All three hotels are located on Connecticut Avenue, close
to just about everything in America's capital city.
Despite all this activity 'PV' also made time to become
involved in actively promoting Ireland as a tourist and conferences destination.
He was on the National Council of the Irish Hotels Federation. He served
as a Director and subsequently as Chairman of Bord Failte, the Irish Tourism
Board.
He also got involved in community work and served with
many charitable institutions.
Truly a man ahead of his time, 'PV' died in 1988 after
a brief illness. He is fondly remembered by his family, friends and all
who knew him as an outstanding business man who pioneered the development
of the hotel industry in Ireland. |
Background on Jurys Hotel Group
Jurys Hotel
Group plc, a public company listed on the Irish and London Stock Exchanges,
is an international hotel operator headquartered in Dublin. It has eight
hotels and nine inns with 3,125 bedrooms in twelve cities in Ireland and
the U.K. In Ireland, the group has hotels in Dublin, Cork, Limerick
and Waterford, and in the U.K., it has hotels in London, Bristol, Glasgow,
and Cardiff. It has successfully developed and branded a chain of
three star hotels, Jurys Inns. In Ireland, the inns are located in
Dublin, Galway, Cork, Limerick and Belfast. In Britain, the inns
are located in Edinburgh and London.
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