US PROPERTY investor Starwood Capital yesterday said it has bought Principal Hayley, the hotel and conference centre chain in a deal valued at around £360m.
Principal Hayley, which is part-owned by Lloyds Banking Group, runs 23 sites across the UK and Europe including the George Hotel in Edinburgh and London’s Hotel Russell.
The deal continues Starwood’s expansion into Europe. It already owns assets including the Louvre Hotel Group, which has more than 1,090 hotels across 39 countries.
Goldman Sachs acted as financial advisor to Principal Hayley and Citigroup underwrote the debt facility supporting the acquisition.