Principal Hayley has acquired the Sheffield Marriott Hotel, the Renaissance Derby Nottingham Hotel and the Renaissance Solihull Hotel from a group of private investors in a transaction valued in excess of £50 million.
The sale will be completed on 30th November 2007 when the three hotels, which are currently managed by Marriott, will be rebranded under the Principal Hayley name.
The acquisition increases the Principal Hayley portfolio to 20 properties and venues around the UK and Europe, offering a combined capacity of over 3400 bedrooms, nearly 450 meeting rooms and the ability to host over 20,000 delegates per day.
Commenting on the deal, CEO of the Principal Hayley Group, Tony Troy said: “We are very excited about the addition of these three first-rate hotels to our ever-expanding portfolio. We pride ourselves on offering our customers a unique ‘a la carte’ selection of conference-focussed hotels and dedicated conference venues. Strategically we have been looking to acquire prime properties in the Midlands in order to further strengthen our objective of providing Principal Hayley properties in all the key regions of the UK. These three hotels are already well established in their own right and will further enhance the Group’s collection of 4 and 5 star venues.”
Graham Dodd, Senior Vice President at Jones Lang LaSalle Hotels, which acted on behalf of the vendor, confirmed that ‘despite the current uncertainty in the credit market, these hotels attracted strong interest during the marketing process and will be complementary additions to Principal Hayley’s portfolio.’
Close to Birmingham International Airport and the NEC, the 180-room Renaissance Solihull Hotel offers fine dining and a well-equipped fitness centre alongside a purpose-built conference and meeting facility with 13 meeting rooms, the largest of which can accommodate up to 700 delegates.
Located in the vibrant city of Sheffield, the 114-room Sheffield Marriot Hotel is set in 12 acres of private grounds with extensive leisure facilities and 12 elegant Victorian-style meeting rooms, the largest of which can accommodate up to 200 delegates.
The Renaissance Derby Nottingham Hotel is prominently located at junction 28 of the M1 motorway. With 157 bedrooms and 14 meeting rooms the hotel is a first class event, meeting and conference facility, with fine catering in the Chatterley’s Restaurant and excellent spa, leisure and fitness facilities.