Ramada Jarvis
 | |
| Industry | Hospitality |
|---|---|
| Headquarters | High Wycombe, England |
Area served | United Kingdom |
| Products | Hotels |
| Website | www.jupiterhotels.co.uk |
Ramada Jarvis was a chain of 4 star and 5 star hotels mostly located throughout the mainland of the United Kingdom, with a few managed internationally. The group's 42 hotels in the UK and five overseas went into liquidation in 2011.
History
The business was founded by John Jarvis who floated it on the London Stock Exchange in 1996 when it was valued at about £495 million.[1] The company was taken private in 2003 in a management buyout for £159 million.[2]
Ramada Jarvis went into liquidation on 30 September 2011 as a result of a severely restricted cash flow caused by the Group's principal bankers calling in loans before their term. 26 hotels were acquired by Jupiter Hotels Limited, a 50:50 joint venture between Patron capital and West Register, part of the Global Restructuring Group of the Royal Bank of Scotland Group. Those hotels have been re-branded Mercure Hotels under a franchise agreement with Accor. The joint venture investors are injecting £40m, with debt financing of £71m provided by RBS, HSBC and Bank of Ireland, which were the original lenders to Jarvis.[3]
Not all the Ramada Jarvis hotels were included in the Jupiter Hotels deal, so the Ramada Heathrow Airport and the Ramada Glasgow Airport continue to trade as Ramada hotels, each as a franchise. In August 2012 the Ramada Heathrow property was re-branded as a DoubleTree by Hilton.[4] In September 2016 the Ramada Glasgow Airport was rebranded as Courtyard by Marriott.[5] The Ramada Jarvis at Junction 25 of the M1 was privately bought and now operates under the Best Western banner.
References
- ^ Leftly, Mark (24 May 2009). "Ramada Jarvis mulls options to tackle credit crunch". The Independent. Retrieved 17 June 2009.
- ^ Mesure, Susie (12 December 2003). "Jarvis backs management buyout bid". The Independent. Retrieved 17 June 2009.[dead link]
- ^ Bold, Ben (3 October 2011). "Accor buys franchises to 24 hotels following RBS-backed Ramada Jarvis buyout". C&IT (Conference & Incentive Travel) magazine. Haymarket Media Group. Archived from the original on 9 November 2013. Retrieved 8 November 2013.
- ^ Harmer, Janet (10 August 2012). "Ramada London Heathrow hotel rebranded as a Doubletree by Hilton". The Caterer. Retrieved 5 August 2018.
- ^ Harmer, Janet (20 September 2016). "Glasgow Airport hotel to rebrand as Courtyard by Marriott". The Caterer. Retrieved 5 August 2018.
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