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1. Introduction – Relevant history & Business environment The heritage of the Jurys group can be traced back to 1881, when William Jury opened his first boarding house in Dublin. The Doyle Hotel Group was then founded in 1964 by Pascal Vincent Doyle, a man of great vision who recognised that, as tourism became more available and more affordable, Dublin was going to need new 'medium' grade hotels. When the Doyle Montrose opened its doors in 1964 it became an instant success - serving local business during the week and providing affordable, quality accommodation for guests coming into Dublin at the weekend. In 1999 the acquisition of the Doyle Hotel Group by Jurys Hotel Group was agreed for a total consideration of $255 million in cash and stock, plus the assumption of $81 million debt. The enlarged company, named Jurys Doyle Hotel Group, became Ireland's largest hotel chain by far and now have, among other things, a presence on two continents, in three capital cities -- Dublin, London and Washington. The Doyle family hold a 25% equity interest in this enlarged company. The combined operations of this group today feature 30 properties, with a further six currently under development. The group employs approximately 4