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Lone Star Bows Out

 Texan private equity fund Lone Star has sold the final 25 hotels from its Amaris Hospitality portfolio, including the Hilton Garden Inn on Dublin’s Custom House Quay, to an Israeli-backed LRC Group for £600 million (€676 million).
 It brings to a close Lone Star’s near four-year foray into the Irish and UK hotel market with Amaris, following the sale in December of the portfolio’s Jurys Inn chain to Swedish investor Pandox for £800 million.
 The sale to LRC of the final tranche of 25 properties includes almost all of the non Jurys Inn-branded hotels in Amaris, which was run for Lone Star from Dublin by Irish hotelier John Brennan.
The Custom House hotel was once a Jurys Inn, before it was rebranded as part of a £100 million overhaul of Amaris portfolio led by Mr Brennan.
 The transaction also marks the debut in the Irish and UK hotel sector of LRC, a fund with its headquarters in Cyprus but founded and run by London-based Israeli investor Yehuda Barashi. His family have extensive interests in Israel in the property and construction industries.
 
 

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