Jupiter Hotels sold to Thai group in £77.5m deal

04 September 2015 by
Jupiter Hotels sold to Thai group in £77.5m deal

The 26-strong Jupiter Hotels portfolio of Mercure properties has been snapped by a Thai group.

It is believed that the construction company Thai Industrial and Engineering Service (TIES), in a 50:50 joint venture company with Fico Corporation, has acquired the group for £160m from venture capital company Patron Capital and West Register, the restructuring arm of RBS.

Jupiter Hotels, headed by chief executive Shane Harris, was set up in 2011 to operate the regional UK properties following the collapse of Jarvis Hotels into administration.

The hotels will now be managed directly by AccorHotels - owner of the Mercure brand - until 2031.

This will be the first diversification into the hotel business and first expansion outside Thailand for TIES.

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TagsFinance and Hotels
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