Starwood Capital's Principal Hotel Company has sold 17 properties and plans to sell another three hotels by the end of the year.
LONDON, 28 September 2017--The non-core hotel disposal programme is a key part of The Principal Hotel Company’s strategy to focus on its prominent City hotels under the “PRINCIPAL” brand and its leading country estate hotels and modern events spaces, recently relaunched under the “De Vere” brand.
The disposals completed to date include Gorse Hill near Woking, Kenwood Hall in Sheffield, New Place in Southampton, The Oxford Witney Hotel and Warbrook House in Hampshire, to a variety of buyers including overseas investors, UK-based investment funds and high net worth individuals.
Two of the three remaining hotels to be sold are currently being marketed by Christie & Co (Theobalds Estate in Cheshunt and Wychwood Park in Crewe), with another hotel being under offer.
The Principal Hotel Company’s CEO, Tony Troy, commented, “The disposal of our non-core hotels and venues was a key part of the shareholders’ strategy to focus the Company on transforming its larger properties into what we now believe is the finest collection of UK hotels ever to be assembled under one group. It also enables the management team to concentrate on delivering a best in class service offering in the newly renovated core estate under the two brands; PRINCIPAL and De Vere. “
Mr Troy added, “We are also continuing to acquire and develop landmark hotels in strategic city centre locations, such as The Grand Hotel in Birmingham and Martins Bank in Liverpool, as part of expanding our PRINCIPAL brand. These developments will take the total capital investment across the Company to over £250m once complete.”
James Burrell, CFO of The Principal Hotel Company, added “Proceeds from our disposals are being re-invested into the prominent city hotel renovations under the PRINCIPAL brand, plus creating some of the best country estate hotels and modern event spaces in the UK under the De Vere brand.”
Since acquiring Principal Hayley, De Vere Venues and Four Pillars in separate transactions during 2013 and 2014, Starwood Capital Group has combined these three brands under one umbrella; The Principal Hotel Company. Through organic revenue growth, significant capital expenditure, portfolio rationalisation and brand re-positioning, Starwood Capital and the management team have established The Principal Hotel Company as the leading independent urban lifestyle and country estate hotel brand in the UK.
For further information, please visit www.phcompany.com
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