Patron Capital, the pan-European institutional investor focused on property backed investments, and its 50:50 joint venture partner, the Royal Bank of Scotland, have sold Jupiter Hotels for £160m.
The purchaser is a joint venture between Singha Estate, which is the real estate investment and development arm of the Boon Rawd Brewery Company in Thailand, and FICO Holding (UK), a subsidiary of Thailand-based FICO Group with assets in the UK, Germany and Thailand.
Jupiter Hotels owns and manages 26 UK hotels operating under the Mercure brand (Mercure Manchester Piccadilly pictured above), with a total of 2,883 rooms. Most of the properties are owned freehold. It also manages a further six hotels.
Camil Yazbeck, Investment Director of Hospitality and Leisure at Patron Capital, said:
“We bought this portfolio of 26 hotels with RBS in 2011 and have worked closely with a new management team to rebrand, refurbish and invest in the hotels and staff. The resulting improvements in trading and customer satisfaction have enabled us to achieve a successful exit and an excellent return for the investors. We would like to thank all the team at Jupiter Hotels for their hard work and wish them every success under the new owners.”