Thailand’s Singha Estate, FICO to buy UK’s Jupiter Hotels portfolio for $243m

Image from Jupiter Hotels website.

In a major cross-border acquisition from a Thailand company, Singha Estate, a listed property firm under the Singha empire, has formed a joint venture with FICO Corporation to buy the British Jupiter Hotels portfolio of 26 Mercure-brand hotels for 160 million pounds ($243 million) from Patron Capital and Royal Bank of Scotland.

Singha Estate reported to the stock exchange of Thailand yesterday that its wholly-owned subsidiary S Hotels and Resorts (UK) has acquired a 50-per-cent stake in a new joint venture, called FS JV Co, with registered capital of one million pound ($1.5 million) on October 1.

FICO, Thailand-based diversified group, has invested in various businesses such as hospitality, real estate, luxury retail, manufacturing and media. However, this acquisition marks the first major property deal of Thai investors in Europe.

In addition, it stated that FS Senior, a wholly-owned subsidiary of FS JV, has entered into agreements with Patron Jupiter Holdings and West Register Hotels (Holdings) for acquiring the entire stake in Jupiter Hotels Holdings.

For this deal, FICO signed a memorandum of understanding (MoU) to form a joint venture with Thai Industrial and Engineering Service PCL (T) in the beginning of September. However, a week later, Thai Industrial informed the stock market that the MoU was terminated by FICO, which refused to extend the period (for Thai Industrial) to run the documents for this acquisition.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.