• Text size      
  • Send this article to a friend
  • Print this article

Hotels group sold to US investment firm Starwood

THE Grand Central Hotel in Glasgow and the George Hotel in Edinburgh are under new ownership after Principal Hayley Group was taken over.

US investment firm Starwood Capital Group has bought the hotels business for an undisclosed sum. The deal covers all 23 properties and around 4000 rooms across the Principal Hayley portfolio.

Starwood Capital Group, which has its headquarters in Greenwich, Connecticut, already owns Louvre Hotel Group and has interests in many Meridien Hotels.

Roger Devlin, chairman of Principal Hayley, said: "I believe it is a significant achievement in challenging market conditions to have delivered a fair exit multiple for stakeholders within a disciplined timeframe. This is the right deal for customers and employees alike."

Contextual targeting label: 

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.