Hotel chain Jurys Inn is to be acquired by US private equity firm Lone Star Funds for €910m.

The company, which has made a number of acquisitions in the Irish market in recent months, is to pay £680m to buy the business from a consortium which includes the Oman Investment Fund and Ulster Bank.

Jurys Inn operates 31 hotels across Ireland, Britain and Prague, employing around 2,000 people in total.

Its existing management team, including CEO John Brennan, are set to continue in their positions following the takeover.

The deal is subject to the backing of competition authorities here and is expected to be completed by the end of March.