|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.
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.
|Also See:||Irish Referendum Good for Tourism, Travel Weekly Reports / June 1998|