RBS arm to blast out of Jupiter orbit

CN understands that RBS and Patron Capital have appointed agents to sell a 31-strong portfolio of UK hotels.

It is thought CBRE has been tasked with finding a buyer for the Jupiter portfolio, a 50:50 joint venture between RBS’s restructuring unit West Register and the private equity firm.

The regional mid-market hotels operate under the Mercure brand and comprise 3,177 rooms in total. City analysts have suggested the chain’s value is around the £100m mark.

The portfolio of 26 Mercure sites are operated under a franchise agreement with Accord, the brand’s French owner.

The business was seeded with the £111m, 26-strong portfolio which RBS and Patron acquired in 2011 from administrators.

A further five Choice hotels in East Anglia were added to the portfolio in March this year, including the Clarion Collection Cromwell Hotel in Stevenage, and the Quality Hotels in Bury St Edmunds, Peterborough, Colchester and Kings Lynn.

Management of all five hotels – which had been facing administration – has since passed to Jupiter.

RBS said that “the bank has taken the decision to wind down and sell assets in West Register”.
 
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Paul Colston

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Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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