Jurys Inns Acquired by Quinlan Private

20 Hotels in Ireland and the UK

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. October 14, 2008

DUBLIN, Ireland / LONDON, UK, June 8, 2007. A group of investors led and advised by Quinlan Private ("QP"), a leading international property and private equity investment and advisory group, today announced that it has completed the acquisition of the Jurys Inns division of the Jurys Doyle Hotel Group. Total consideration for the transaction is approximately EUR1.165 billion (lb792m).

Jurys Inns comprises 20 three star "budget-plus" hotels in city centre locations throughout Ireland and the UK with a total of 4,835 rooms. Fourteen hotels are located in the UK and six in Ireland while there are a number of sites for new Jurys Inns in the UK. The investor group intends to expand the portfolio, under the Jurys Inn brand, through growth in the UK, Ireland, Continental Europe and, in particular, in Central and Eastern Europe where QP has unique expertise.

QP has extensive expertise and a proven track record in the management and operation of hotels on behalf of investors. These hotels include the Four Seasons hotels in Dublin, Prague and Budapest, the Maybourne Hotel Group of super-luxury hotels in London and Yasmin Hotels in Central Europe. In April, a group of investors led and advised by QP acquired 47 Marriot Hotels in the UK for lb1.1 billion (EUR1.6 billion).

Pauline Bradley, the Quinlan Private Director who led this transaction, said: "This is a highly attractive business with enormous growth opportunities which we are delighted to acquire. It is a hugely interesting opportunity for our investors."

"Jurys Inns has a strong management team, led by Niall Geoghegan, and we look forward to working with the team to rapidly roll-out further hotels in Ireland and the UK."

Thomas Dowd, Quinlan Private Partner, said: "We are delighted to announce the successful acquisition of Jurys Inns which once again demonstrates Quinlan Private's ability to complete attractive deals quickly. Our ability to execute for this highly competitive deal also reflects the strength of QP's relationship with its capital partners and, for this deal, with Anglo Irish Bank."

Olan Cremin, Quinlan Private CEO, concluded: "This is a significant acquisition and we look forward to the exciting opportunities that this portfolio presents and the growth and development of the Jurys Inn brand across Europe. Quinlan Private's track record of managing hotel assets for investors and our investment expertise in Western, Central and Eastern Europe will also be key in rolling out the Jurys Inn product in those markets."

Quinlan Private's financial adviser was Perella Weinberg Partners, its legal advisers were A&L Goodbody and Allen & Overy and its debt arranger was Anglo Irish Bank.