Jupiter Hotels, which trades under the Mercure brand, is to be sold for £77.5m to Thai Industrial & Engineering Service and Fico Corporation from venture capital company Patron Capital and West Register, the restructuring arm of RBS.
The two companies will set up a 50:50 joint venture company to take over Jupiter Hotels which manages 26 Mercure hotels, five Dragonfly hotels and one independent.
The management of the hotels will now be taken over by Accor, which owns the Mercure brand, until 2031.
Thai Industrial managing director, Tradsin Chongussayakul, said, “This will be our first diversification into hotel business and first expansion outside Thailand. We not only expect return from the operation but also see the opportunity to turn these assets into a real estate investment trust in the future.'