Patron Capital and RBS sell Jupiter Hotels for €216m

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 in the UK for £160 mln (€216 mln).

The purchaser is a joint venture between Singha Estate, the real estate investment and development arm of the Boon Rawd Brewery Company in Thailand, and Fico Holding, the UK 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, with a total of 2,883 rooms. Most of the properties are owned freehold. It also manages a further six hotels.

'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,' said Camil Yazbeck, investment director of hospitality and leisure at Patron Capital.

'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.' Yazbeck added.

CBRE Hotels was the agent for the sale.