Mrs Margaret Doyle, the widow of hotelier P.V. Doyle, will have no share-holding in the Jurys Doyle Hotel Group when the £247 million (€314 million) acquisition by Jurys of Doyle Hotels is completed.

Despite having no equity in the merged group, Mrs Doyle will hold the honorary position of life president of the group.

The document on the acquisition shows that Mrs Doyle's three daughters - Ms Eileen Monahan, Ms Bernie Gallagher and Ms Ann Roche - will share equally the 14.8 million Jurys shares that are part of the consideration, giving each a 8.3 per cent stake in the Jurys Doyle Group.

These Jurys shares were worth £102.8 million at the time the take-over was announced but have risen and are currently worth £104.3 million.

The remainder of the consideration was made up of £90.8 million in cash and Doyle Hotels debt that Jurys has assumed.

Informed sources have suggested that Mrs Doyle transferred her share-holding in Doyle Hotels to her three daughters ahead of the Jurys take-over.

Prior to that, Mrs Doyle and her three daughters had equal shares of the Doyle Hotels equity, after Mr David Doyle's share-holding in the company was bought out by his mother and sisters for an estimated £47 million.

This means that each daughter is receiving Jurys shares worth over £34 million.