Royal Bank of Scotland will now recover some of the funds it has been holding in Jurys Inn after the hotel group was acquired in a £680 million deal.
The four-star Jurys Inn chain, which has 25 hotels in the UK, has been bought by American private equity firm Lone Star Funds, ending the expensive investment by RBS which had lent to Irish property tycoon Derek Quinlan when the market was at its height in 2007.
RBS was forced to take control of Jurys in a debt-for-equity swap when markets crashed.
Jurys was restructured in 2012, and has since claimed that it has been outperforming its competitors in the UK and Ireland. It has also benefited from investment and the refurbishment of its properties.
Lone Star Funds bought the business from a consortium including Oman Investment Fund, Mount Kellett Capital Management, and RBS’s Ulster Bank.
It is understood that the existing management team, led by chief executive John Brennan, will stay on.