S Hotels and Resorts (UK) Limited, a fully owned subsidiary of Singha Estate Public Company Ltd and Fico Holding (UK) Limited, a part of FICO Group, signed a 50:50 joint venture to form FS JV Co., in the UK. The newly formed Company recently acquired Jupiter Hotels Limited for approximately GBP£155 million (circa Thai Baht 8,598 million) from Patron Capital and its partner, the Royal Bank of Scotland. This acquisition represents a key initiative to underpin the combined ambitions of FS JV Co., to further expansion within the European hospitality market.
The Directors of FSJV CO represented by Krit Srichawla, Naris Cheyklin, Longlom Bunnag and Sanjay Singh signed a loan agreement with Krungthai Bank represented by Senior Executive Vice President, Kittiphun Anutarasoti (Head of Wholesale Banking) at a contract signing ceremony held at Hotel Pullman Bangkok Grande Sukhumvit Bangkok. The loan will be used to fund the acquisition of Jupiter Hotels Ltd.
Jupiter Hotels owns and manages 26 UK hotels operating under the Mercure brand, with a total of 2,883 rooms. Most of the properties are owned freehold. It also manages a further six hotels for other Owners in UK.
Krit Srichawla, CEO of FICO Group commented “We are delighted with the addition of Jupiter Portfolio in partnership with Singha Estate to Fico Group’s expanding portfolio of Assets beyond our home base.” Sanjay Singh, Managing Director of Fico added that“Group was looking at the opportunities in Europe and this portfolio will help strengthen the group’s core hospitality business."
Naris Cheyklin, Chief Executive Officer, Singha Estate Public Co., Ltd. commented that “This acquisition is a carefully planned diversification move designed to expand our portfolio of hotels within the dynamic UK market.”
Kittiphun Anutarasoti, Head of Wholesale Banking and Senior Executive Vice President, Krungthai Bank commented “We are delighted to provide this loan facility to the joint venture company of two of our key clients in Thailand as we believe this acquisition will add a new dimension to their diversification strategy.”