Le Méridien to Sell Remaining Principal Hotels for £40m


Following the sale Le MÌ©ridien will operate 17 properties in the UK and Ireland, including nine Le MÌ©ridien hotels, seven former Principal hotels and the 895-bedroom Cumberland hotel in Londonå‘s Mayfair.

Hotel group Le Méridien is selling six former Principal hotels for about £40m. Tony Troy, regional managing director of Le Méridien UK & Ireland, said the six hotels were being sold as they did not fit with the Le Méridien brand. Nomura, Le Méridien’s parent company, bought the 17-strong chain of Principal hotels in January 2001 for £255m four months before buying Le Méridien from contract caterer Compass for £1.9b. Following the sale Le Méridien will operate 17 properties in the UK and Ireland, including nine Le Méridien hotels, seven former Principal hotels and the 895-bedroom Cumberland hotel in London’s Mayfair. During the next 12 months the 17 remaining hotels will undergo a £250m investment programme and will be re-named Le Méridien.

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