Property

Jupiter Hotels sold for £160m

The Royal Bank of Scotland (RBS) and joint-venture partner Patron Capital have sold Jupiter Hotels for £160m.

The hotel group, which owns and manages 26 properties operating under the Mercure brand and six further hotels, was sold to Thai investors Singha Estate – the property arm of the Boon Rawd Brewery Company – and FICO Holding (UK).

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.”

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