IHG acquires a collection of properties from the Principal Hotel Company
Starwood Capital Group has completed the sale of a portfolio of nine open hotels from The Principal Hotel Company to FDM Management; a vehicle created by Covivio and institutional investors. Furthermore FDM Management has entered into an agreement with InterContinental Hotels Group (IHG) to operate the hotels as part of its luxury and upscale portfolio. Three further hotels (The Principal Grand Central Hotel in Glasgow; De Vere Oxford Thames and The Principal Oxford Spires Hotel) are anticipated to join IHG’s portfolio in the coming weeks.
This significant industry development is a reflection of the value we have developed together with our shareholders, from the industry expertise, central support infrastructure and drive of our property teams to the multimillion pound capital investment programme in these iconic hotels.
The hotels included in this sale, including one property from the De Vere brand, are:
The Principal London
The Principal Manchester
The Principal York
The Principal Edinburgh George Street
The Principal Met, Leeds
The Principal Edinburgh Charlotte Square
The Principal St David’s Hotel, Cardiff
The Principal Blythswood Square Hotel, Glasgow
De Vere Wotton House
De Vere will continue to be the leading brand in the UK hotel, conference, meetings and events sector, with further investment and re-development planned in the coming year. Notably with the forthcoming completion of the Mansion House restoration of country estate hotels and the continued investment in Smart Space, our meetings and events service which includes our non-residential event spaces.
We can confirm up to 31st December 2018 our existing commission agreement for bedroom and event business, as well as the current claiming process, will remain in place for both De Vere and the sale properties. This applies to all new and existing bookings, however all bookings within this agreement must take place by 31st December 2018. Prior to this date both De Vere and IHG will have engaged in renegotiating the subsequent arrangement in a timely manner.
We look forward to this new period and the continuation of our strong relationship. Should you have any concerns, please don’t hesitate to get in touch and rest assured that your De Vere contacts remain in place and committed to driving further mutual success.
If you have any further questions please don't hesitate to get in touch with your account manager.