Jurys Inns Group has completed a £60m fundraising to fund expansion of the 28 hotel chain.
The funding, completed last week, was 50:50 equity and debt. The equity came from Jurys Inns’ existing shareholders - a consortium led by Quinlan Private and the Oman Investment Fund.
The company plans to use the funds to buy development sites for its UK expansion programme concentrating on central London and Scotland.
Simon Jones, development director, said: ‘Availability and affordability of prime London sites is still in our favour due to the stagnate state of London property market. We are aggressively seeking development partners to build 10 hotels in London by 2012.’
Jurys Inns Group will launch its first hotel on mainland Europe when it opens in Prague in September 2009.
The 214 bedroom nine storey property is in central Prague.
It will also open a new hotel in Aberdeen in September adding to its two other Scottish hotels in Glasgow and Edinburgh.