De Vere has confirmed Tony Troy will be stepping down from his role as chief executive at the end of the month to pursue other private investment opportunities.
He will however continue to support De Vere by taking on a non-executive director position.
A career hotelier with over 30 years in the industry, Troy has helped shape the UK hospitality landscape from his first management buy-out in 1994 to more recently managing a multibillion-pound capital investment and repositioning programme on behalf of Starwood Capital, a global private investment firm.
“Eight years ago, we embarked on an investment strategy aimed at consolidating more than 50 hotels across four different UK hotel companies to form a leading platform,” said Cody Bradshaw, managing director, global head of hotel asset management, Starwood Capital.
“Through Tony’s expert knowledge of the industry and his great entrepreneurial skills he made a significant contribution to the overall success of the strategy.”
After realigning the various portfolios, delivering robust operating performance and overseeing the investment of more than £250 million of capital, this led to the creation of two new brands comprising Principal, iconic landmark city hotels and De Vere, a collection of historic mansion house estates and distinctive contemporary hotels and event destinations with market-leading conference and leisure facilities.
In July 2018 the Principal portfolio was successfully sold to Covivio and it was agreed that Troy would remain for a period of time to assist the transition of the remaining De Vere Group to become a standalone group in its own right.
However, as a result of the Covid-19 pandemic, Tony chose to stay on to provide strategic support and direction during this period of unprecedented change and disruption.
Having successfully navigated through this challenging period, he now moves into his new role.
James Burrell who joined Principal Hotel Company as chief financial officer in 2014 will take on the role as chief executive of De Vere.