Jupiter Hotels sold to Thai brewer for £160m

12-Oct-2015 - Last updated on 10-Aug-2024 at 23:06 GMT

The Royal Bank of Scotland and private equity group Patron Capital have sold a £160m portfolio of 32 UK hotels to a Thai joint venture including the brewer behind Singha beer.

The hotel management company – Jupiter Hotels - owns 26 Mecure branded properties, five Dragonfly sites and one independent.

It has been sold to a joint venture between Singha Estate - the property arm of Thailand’s Boon Rawd Brewery Company - and a subsidiary of the Bangkok based FICO Group.

RBS and Patron Capital bought the Jupiter collection in 2011 for around £110m, and have since invested millions in refurbishing in rebranding its estate.

In May, Jupiter’s chief executive Shane Harris announced that there had been ‘significant’ improvements made across its portfolio, including the opening of its first Marco Pierre White branded restaurant.

Camil Yazbeck, investment director of hospitality and leisure at Patron Capital, said: “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.”