Thai firm on the hunt for UK hotels
Thailand’s Singha Estate, the property arm of Singha Corp, is in talks to buy more hotel assets in Britain following the acquisition of UK-based Jupiter Hotels for 155 million pounds (US$239 million), Reuters reported.
Singha Estate aims to double its revenue to more than 6 billion baht (US$169 million) in 2016 as it looks to expand through acquisitions at home and overseas, said chief financial officer Methee Vinichbutr.
Jupiter Hotels owns and manages 26 UK hotels operating under the Mercure brand with a total of 2,883 rooms. It also manages another six hotels for other owners in the UK.
?Several operators in the UK have approached us to sell hotel assets,? Methee said, adding the company will use the Mercure brand to manage other hotels if an acquisition is concluded.