Jupiter takes on former Dominvs hotels
Jupiter Hotels has added three hotels to its portfolio after they were acquired by its owner, Fico Holding, a subsidiary of the Thai-based Fico Group.
The long leasehold of the 71-bedroom Holiday Inn Dumfries, together with the freehold of the 80-bedroom Holiday Inn Darlington North and 78-bedroom Mercure Sheffield Parkway were sold off a £12m guide price by Dominivs Group to Fico Holding earlier this month. They will be operated by Jupiter Hotels which was itself bought by Fico Holding for £160m in a joint venture with Thailand's Singha Estate, in October 2015. The hotels will continue to be managed under their existing brands.
This move takes Jupiter's collection of owned and managed properties in the UK to 29 and marks the first stage in a bid to double its portfolio of hotels within a two-year period and develop a multi-branded portfolio. The company already operates 26 Mercure hotels in areas including Brighton, Swansea, Inverness and Norwich under a franchise agreement with AccorHotels.
Shane Harris, chief executive of Jupiter Hotels, said: "The purchase of these three new hotels is a very positive move for us, representing an increase of over 10% in the size of our portfolio and establishing us once again as a multi brand leader in the midscale hotel segment.
"The recent acquisition provides an accurate prediction of what's to come over the next few years as we continue to invest in strengthening and growing our portfolio. We are well positioned for future growth which is in keeping with the owners' vision for the company and we look forward to continuing to propel the business to new heights through further capital investment and portfolio expansion."
Dominvs Group offloads three hotels >>
Jupiter Hotels sold for £160m >>
Six Mercure hotels go on market for around £17m >>
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