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Jurys Doyle completes funding for UK development scheme
Dublin-based Jurys Doyle Hotel Group has confirmed it has raised approximately £52m to finance ongoing UK developments.
The £52m was raised via 10-year corporate bonds that will be due for repayment in 2014. The operator says 10-year debt is an effective way to finance the group’s hotel developments as the useful life of a hotel property tends to be around 75 years.
Part of the fund raised has already contributed towards the April completion and opening of the Jurys Inn Leeds.
The group is intending to use some of the rest to open a Jurys Inn at Heathrow airport by the end of 2004 while the remainder will be used to fund additional UK developments in the future.
These are expected to conclude soon and will be announced in due course. Details: www.jurysdoyle.com
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