Five Choice Hotels in East Anglia which were facing administration have been passed to a new management company created by RBS and Patron Capital.
As the freeholder of all five properties, RBS negotiated the acquisition of the tenant’s fixtures and fittings from the administrator and the surrender of the leases after the tenant filed for administration late last month.
The management of the hotels was passed to Jupiter Hotels Management, a new hotel management company created by Jupiter Hotels, RBS’ 50/50 hotel investment joint venture with Patron Capital.
The portfolio of Choice Hotels comprises four three-star Quality Hotel branded properties located in Bury St Edmunds, Colchester, Peterborough and Kings Lynn, as well as the four-star 76-bedroom Clarion Collection Hotel Cromwell in Stevenage.
As a result of this new contract, Jupiter Hotels now has a portfolio of 3,177 rooms across 31 owned, leased and managed hotels around the UK.
This transaction follows Jupiter Hotels’ £110m purchase of a portfolio of 26 Ramada branded Jarvis hotels from administration in September 2011.
Shortly after this acquisition, all 26 hotels were rebranded as Mercure hotels.
Helen Gordon, global head of RBS real estate asset management, said: “Having been notified by the administrator that the hotels’ operator had filed for administration and that, as a result, they were going to close, we worked quickly to ensure that these five important local businesses are kept open and over 130 jobs were saved.
“Furthermore, we have been able to increase Jupiter Hotels’ exposure to midscale hotels as we look to return these businesses to profitability, and establish Jupiter as a market leader in this segment.”
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