Texan private equity fund Lone Star has sold the last 25 hotels from its Amaris Hospitality portfolio to the LRC Group for €676 million.
Following the sale of the portfolio's Jurys Inn chain to Pandox at the end of 2017, this latest transaction ends Lone Star's four-year foray with Amaris into the Irish and UK hotel market. The 25 venues sold include nearly all of Amaris's non Jurys Inn properties, with 20 Accor-branded UK hotels being a part of the deal as well as the Hilton Garden Inn on Dublin's Custom House Quay.
The sale represents LRC's debut in the Irish and UK hotel sector. LRC is a fund founded by Israeli investor Yehuda Barashi and is currently based in Cyprus.
Commenting on the transaction, LRC director of operations said, "While we cannot go into detail on the terms agreed in the transaction, we would like to comment that we are very pleased to have exchanged contracts on this exciting portfolio. This is a major milestone in LRC’s strategy to expand its presence in the UK and to increase its European hotel portfolio."
