Jupiter Hotels, a brand new hotel group, has purchased 26 hotels from the administrators of Ramada Jarvis. The hotels have already been rebranded Mercure, under a franchise agreement with French hotel giant Accor. The deal is the single largest franchise contract for Accor this year.
Former Intercontinental Hotels Group Vice President Development for Europe, Andrew Gill has become the interim CEO of Jupiter Hotels. With the exception of Jarvis's board of directors, all of the existing employees of Jarvis's head office will transfer to Jupiter.
Investors will be injecting £40m into the goup, with debt financing of £71m provided by RBS, HSBC and Bank of Ireland, which were the original lenders to Jarvis.