Principal Expands and Re-brands

15th October 2007 (Last Updated October 15th, 2007 09:00)

UK-based Principal Hotels, owned by private equity firm Permira Funds, has recently acquired three hotels in the Midlands for over £50m. The company bought the Renaissance Solihull, the Sheffield Marriott and the Renaissance Derby Nottingham hotels from a group of anonymous private inve

UK-based Principal Hotels, owned by private equity firm Permira Funds, has recently acquired three hotels in the Midlands for over £50m.

The company bought the Renaissance Solihull, the Sheffield Marriott and the Renaissance Derby Nottingham hotels from a group of anonymous private investors.

Principal has also rebranded as the Principal Hayley Hotels and Conference Venues, following its £358m acquisition of Hayley Conference Centres in May.

The company specialises in buying four and five star hotels and conference venues. Permira plans to turn the company into a pan-European hotel and conference chain.

The latest acquisitions increase the Principal Hayley portfolio to 20 properties and venues around the UK and Europe.

Principal was bought by private equity firm Permira last year for £300m

By staff writer