DUBLIN—British hotels chain Jurys Inn Goup Ltd. has completed a debt restructuring that will see existing shareholders, including Oman Investment Fund, a sovereign wealth fund, invest $183M (£120M) in new equity into the business.

The result will be that lenders will cut the company's debt burden by more than half to about $380M (£250M), ending a difficult period for Jurys which has been hampered by debt, accroding to report from Property Investor Europe.

The uncertainty for the group stems from a 2010 breaching the terms of its debt and a losss of booking a $705M (£463M) that year due to a slump in the value of its hotels. The company was acquired in 2007 by Quinlan Private for $1.6BN (€1.2bn) at the peak of the property boom after a contested auction. Under the terms of the Jurys rescue plan, Oman Investment Fund and investor Avestus will inject the new equity, as will New York-based private equity group Mount Kellett Capital Management and Westmont Hospitality, a large privately-owned specialist hotel investor.