The further roll out of our highly successful Inns brand brings us to two new major UK cities and extends our reach in the London market. Upon completion, it will bring to ten the total number of Jurys Inns operating in the UK across eight major cities. Our focus is to continue a capital expenditure program maintaining the onward momentum and growth of the Group through a combination of hotel and Inns developments in the United Kingdom and eastern United States of America-. .
He concluded by saying: "It has been a very active few months for the Group. Jurys Inn Croydon opened in February and is trading very well. Work on our Jurys Inn Newcastle is going very well, and plans for our Jurys Boston Hotel are also on schedule for a planned opening in early 2004. This focused development activity is central to our strategy to realise the full potential of our brands, our hotel development expertise and management capabilities. We will continue to seek out further development opportunities in prime city centre locations, while at the same time maximising revenues in all our existing properties."".
In 1999, the acquisition of the Doyle Hotel Group by rival Jurys Hotel Group Plc created a giant among Irish hotel operators and set the stage for further expansion abroad, with the focus being placed on the US this time. .
Jurys paid IP187.6 million (US$254 million) in cash and stock for Doyle, and in the process, Jurys has gained several landmark Dublin hotels and a presence in the U.S. market. .
"It's an excellent strategic move for Jurys," says Enrique Curran, an analyst at NCB stockbrokers in Dublin. "They now have approximately 9% of the Irish hotel room stock and about 22% in Dublin. You're now looking at an enlarged company that has real scale." He says the combined Jurys Doyle group enjoys occupancy rates of about 80% and the ability to achieve consistent room-rate increases. .
Jurys Managing Director Peter Malone is confident about the increased size of the group, which posts annual revenues of about IP140 million (US$190 million), will make it more attractive to investors and help the share price.