Patron Capital and 50:50 joint venture partner Royal Bank of Scotland, have confirmed the sale of their Jupiter hotels portfolio for £160m.
The assets were bought by 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, a subsidiary of Thailand-based FICO Group with assets in the UK, Germany and Thailand.
The portfolio comprises 26 UK hotels trading under the Mercure brand, with a total of 2,883 bedrooms. 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.”
CBRE Hotels was the agent for the sale.
