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The Principal Hotel Company is expected to make at least £200m with the disposal of its non-core hotels.This programme is part of a strategy to focus on prominent city hotels under the Principal brand and leading country estate hotels and modern events spaces, recently relaunched under the De Vere brand.
The disposals completed to date include Gorse Hill near Woking, Kenwood Hall in Sheffield, New Place in Southampton, The Oxford Witney Hotel and Warbrook House in Hampshire, to a variety of buyers including overseas investors, UK-based investment funds and high net worth individuals.
Two of the three remaining hotels to be sold are currently being marketed by Christie & Co (Theobalds Estate in Cheshunt and Wychwood Park in Crewe), with another hotel under offer.
Tony Troy, CEO of the Principal Hotel Company, said: “The disposal of our non-core hotels and venues was a key part of the shareholders’ strategy to focus the company on transforming its larger properties into what we now believe is the finest collection of UK hotels ever to be assembled under one group.
“It also enables the management team to concentrate on delivering a best in class service offering in the newly renovated core estate under the two brands; Principal and De Vere.”
