Leicester's iconic Grand Hotel set to be sold to Tico and Tiesco joint venture
Leicester's iconic Grand Hotel is set to be sold to a Thai hotel chain in a joint venture.
Fico Holding (UK), part of the Fico group of companies led by the wealthy Srichawla family, has joined forces with Thai Industrial & Engineering Service Public Company (Tiesco) to form a 50/50 joint venture to buy The Grand, which is part of Jupiter Hotel Group.
Based on a preliminary agreement, Jupiter Hotel Group is expected to be sold for about £160 million.
Jupiter Hotel Group, which is owned jointly by RBS's restructuring arm West Register and Patron Capital, a venture capital firm, owns 26 hotels in the UK, including The Grand.
The Grand, along with the other hotels in the Jupiter chain, is operated under the Mercure brand in a franchise agreement with Accor, the brand's French owner.
Tradsin Chongussayakul, managing director of Tiesco, said that the deal represented "a diversification to the investment in hospitality business overseas…from previously focusing in Thailand only".
In a potential stumbling block to the deal, Tiesco needs to obtain shareholder approval for the takeover at a special meeting on October 5.
Fico Holding (UK) was established this year. It is part of the Thai-based Fico group of companies, which has invested in 50 companies across a variety of sectors, including hospitality.
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