Posted 2/27/2013 - 10:32:01 AM
LONDON—A Starwood Capital Group affiliate has acquired Principal Hayley Group, a UK-based hotel group, for an undisclosed amount.
Principal Hayley is a collection of 23 city center hotels and dedicated conference and training venues across the UK and Europe. The portfolio consists of approximately 4,000 guestrooms and 500 meeting rooms. The group includes hotels such as The George, Edinburgh; the St David's Hotel, Cardiff; the Grand Central Hotel, Glasgow; and the Hotel Russell, London.
Citigroup arranged and underwrote the senior debt facility to support the acquisition. Goldman Sachs acted as financial adviser.