RBS, Patron Pay Administrator $173 Million for 24 Jarvis Hotels

Royal Bank of Scotland Group Plc’s Distressed-property unit and buyout firm Patron Capital Ltd. acquired a chain of 24 British hotels from its administrator for 111 million pounds ($173 million).

Jupiter Hotels Ltd., a venture formed by RBS’s West Register and Patron, acquired the hotels in a “pre-packaged” administration sale with Jarvis Hotels Ltd., managed by insolvency adviser Grant Thornton LLP, according to a statement today.