BLP advises long-standing client Patron Capital on its equity investment into Jupiter Hotels Holdings Limited
BLP has advised long-standing client Patron Capital on its equity investment into Jupiter Hotels Holdings Limited, a corporate vehicle for a joint venture undertaken with The Royal Bank of Scotland group for the purchase of certain hotel assets from the Jarvis Hotels Group. Jupiter Hotels Holdings Limited is the ultimate holding company of Jupiter Hotels Limited, which effected the acquisition of 24 hotels from administrators of Jarvis Hotels Limited for a total purchase price of £111m and with an option to acquire 2 further hotels.
The Royal Bank of Scotland Group effected their investment through West Register, which is a subsidiary of, and part of the Global Restructuring Group of, The Royal Bank of Scotland plc. Patron Capital is an institutional investor focused on property backed investments in Europe which helped to provide fresh equity into the transaction.
Patron and West Register have, between them, injected £40m into the investment. Banks RBS, HSBC and Bank of Ireland provided debt financing of £71m. As part of the acquisition, all 24 hotels will be rebranded to Mercure, in a franchise agreement with Accor.
The BLP team was led by private equity partner Peter Martin, assisted by Alexis Karim and Jo Stern.
Graham Cross and Eloise Holland advised West Register and CMS Cameron McKenna, led by Louise Wallace, advised Jupiter Hotels Limited.
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