Jupiter takes five Choice properties from administrators

Jupiter Hotels has added five Choice Hotels to its existing portfolio of 26 UK owned and managed properties.
 
The agreement sees the hotels, all in East Anglia, join the Jupiter Hotels portfolio under management contracts but remaining under Choice Hotels’ Quality and Clarion Collection brands.
 
Jupiter will manage Quality Hotel Bury St Edmunds, Quality Hotel Colchester, Quality Hotel Peterborough and Quality Hotel Kings Lynn – all of which are three-star rated. The four-star 76-bedroom Clarion Collection Hotel Cromwell Stevenage also comes under Jupiter management.
 
Shane Harris, CEO of Jupiter Hotels, said: “The addition of these five new hotels is a positive move for us, representing an increase of almost 20 per cent in the size of our portfolio and establishing us as a multi-brand leader in the mid-scale hotel segment. These management contracts enable us to establish a strong foothold in East Anglia, one of the UK’s fastest growing regional economies.
 
The Cromwell Stevenage (pictured) has 76 bedrooms as well as six function rooms, the largest of which has a capacity of up to 200 people.
 
Quality Hotel Bury St Edmunds offers 71 bedrooms and five meeting rooms able to accommodate up to 100 guests.
 
Jupiter Hotels is a 50:50 joint venture between Patron Capital, the pan European institutional investor focused on property backed investments, and West Register, part of the Royal Bank of Scotland. Patron Capital, along with Starwood Capital, Apollo and Mount Kellet, are one of the driving forces behind the changing landscape in the UK hotel ownership.
 
The leasehold hotels to be managed by Jupiter have been sold to West Register (Property Investments). Taking the properties, previously owned by Barinbrook Limited and formerly known as Akkeron Hotels has saved 133 jobs.
 
Industry sources tell CN the deal could be worth less than build price and is an indication that ‘the only way is up’ in the UK hotel property market.
 
Do you have news for CN? Email: pcolston@mashmedia.net

Paul Colston

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Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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