Starwood Capital Group Acquires Principal Hayley Group
GREENWICH, Conn.—Starwood Capital Group, a private investment firm, announced that an investment fund affiliated with Starwood has acquired Principal Hayley Group, a collection of 23 city-center hotels and training venues across the UK and Europe. Terms of the transaction were not disclosed. READER COMMENTS
The Principal Hayley portfolio currently includes properties offering a combined capacity of approximately 4,000 bedrooms, over 500 meeting rooms, and ability to host over 26,000 delegates per day in key locations. The group includes well known hotels such as The George, Edinburgh, the St David's Hotel, Cardiff, the Grand Central Hotel, Glasgow and the Hotel Russell, London.
Barry Sternlicht , chairman and CEO of Starwood Capital Group, said: "This transaction marks an exciting investment in the European hotels and conferences sector and provides a great management platform for us to expand further in Europe. Principal Hayley's assets include historic and iconic properties strategically located in many key city centre locations."
The transaction continues Starwood Capital Group's expansion in the hotel sector, particularly in Europe. The Greenwich, Connecticut-based firm currently owns, among other assets, the Louvre Hotel Group, which includes over 1,100 hotels located in 39 countries, in addition to interests in many of the Meridien Hotels including the Etoile in Paris and the Eden in Rome, as well as the luxury Baccarat Hotel & Resorts brand and the lifestyle eco-brand, 1 Hotels & Resorts which recently announced their first five projects.
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