Jurys Doyle Hotel Group has reached agreement for the sale of the Dublin-based Jurys Tara Hotel for €14.2m in cash to Woodmead Ltd. Woodmead is owned by Bernard McNamara and Jerry O'Reilly, who also own the Galway Radisson and Kilkenny Ormonde Hotels.
Jurys said the 113 bedroomed Tara Hotel does not fit into the group's strategic plan moving forward. The hotel group said the cash consideration is actually above the current carrying value of the hotel on Dublin's Merrion Road. The deal is expected to be completed by July 10.
Jurys Doyle Hotel Group today also announced the building of a new 257 bedroomed Jurys Inn in Southampton. It said agreement had been reached with Northern Ireland property developers McAleer & Rushe to construct and lease the new hotel, which is planned to open in early 2005.
The 3-star Inn represents a total investment of €27m and will be the focal point of a mixed-use scheme being developed by McAleer & Rushe that will also include offices and apartments.
Jurys Doyle is currently planning the opening of new Inns at Glasgow, London Chelsea, Leeds, Parnell Street in Dublin and Heathrow Airport between September 2003 and the end of 2004. The Southampton Inn will bring to 18 the total number of Jurys Inns in Ireland and the UK.
Shares in the hotel group closed up ten cent to €7.60 in Dublin.
