
The US property investor Starwood Capital Group announced the acquisition for UK-based Principal Hayley, specializing in residential seminars, for more than €400 million. The group owns and/or manages 22 sites in Great-Britain and one France.
The portfolio includes hotels such as the 373-room Hotel Russell, London; the 142-room St. David's Hotel, Cardiff; the 249-room The George, Edinburgh; or the 150-room Chateau St-Just in Bellinglise, 30 km north of Paris.Starwood Capital Group won over serveral other potential buyers such as Morgan Stanley Real Estate Funds. Principal Hayley Group is 30% controlled by Lloyds Banking Group with the rest held by management."We intend to use our capital and branding expertise to maximize the value of each property in the portfolio," said Jeff Dishner , senior managing director of Starwood Capital Group, Greenwich, Connecticut. "We look forward to working with the Principal Hayley management team to grow the enterprise.""This transaction marks an exciting investment in the European hotels and conference sector and provides a great management platform for us to expand further in Europe," said Starwood Capital Chairman and CEO Barry Sternlicht.