Principal Hayley acquires three Marriott hotels
12/10/2007
Hotel and conference centre operator Principal Hayley Group is to acquire three Marriott hotels for over £50m.
The Marriott Sheffield, and the Solihull and Derby Renaissance hotels, were part of a package of five Marriott hotels put on the market in May by Quinlan Private and Igal Ahouvi Group.
Principal Hayley plans to spend £10m on upgrading and expanding the properties over the next few years.
The deal is expected to be competed next month, when Marriott's management contract is due to expire. The Renaissance hotels will be rebranded as Principal Hotels, while the Sheffield property is expected to be redeveloped as a Hayley conference centre.
The acquisitions are in line with the eight hotel and eight centre-strong company's plan to become a pan-European chain. It also plans to invest a further £60m in its improvements to its existing portfolio, including the addition of 50 rooms to the George Hotel in Edinburgh.
