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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."

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