PATRON AND RBS SELL JUPITER HOTELS PORTFOLIO
Patron Capital and its 50:50 joint venture partner, the Royal Bank of Scotland, have sold the Jupiter Hotels portfolio to a joint venture between Thailand-based Singha Estate and FICO holding (UK) for £160 million (£55,500 per room). Jupiter Hotels owns and manages 26 hotels (2,883 rooms) in the UK and manages a further six properties. Commenting on the deal, 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."