Jupiter Hotels has bought a portfolio of 24 U.K. hotels from the administrators of Jarvis Hotels. Jupiter Hotels is a new entity created for this deal and a 50:50 joint venture between Patron Capital and West Register, a part of the global restructuring group of the Royal Bank of Scotland (RBS). Patron Capital is a pan-European institutional investor focused on real estate-backed investments.
The transaction is valued at £111 million, adds Bloomberg. Jupiter will manage the hotels under Accor’s Mercure hotel chain franchise. The joint venture investors are putting in £40 million. RBS, HSBC Holdings and Bank of Ireland, the original lenders to Jarvis, are providing debt financing of £71 million.
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