Jupiter Hotels acquires 24-hotel portfolio

Jupiter Hotels Limited announced the acquisition of a 24-hotel portfolio from the administrators of Jarvis Hotels Limited.

Jupiter Hotels is an entity created by a 50:50 joint venture between Patron Capital and West Register. The portfolio includes 21 freeholds and 3 leaseholds.

Stephen Green, Patron Capital's senior partner of special situations said his agency is excited about the acquisition and add it will save more than 1,900 employees in the United Kingdom.

"This is a perfect example of the type of transaction we are actively seeking in this sector," said Josh Wyatt, director of hospitality and leisure at Patron Capital. "Our specialist team has extensive experience in the leisure and hotels sector and we are confident that this experience coupled with significant planned capital expenditure will enable us to create a highly regarded, successful hotel business."

Andrew Gill will become the interim CEO of Jupiter Hotels, while most of the current Jarvis employees will work for Jupiter.

The joint venture investors will put forth £40 million, with debt financing of £71 million.