Starwood Capital launches Principal lifestyle hotel brand

George Sell By George Sell
20 September 2016 | Updated 20 September 2016

UK: Starwood Capital Group has announced the forthcoming launch of Principal, a UK lifestyle hotel group.

UK: Starwood Capital Group has announced the forthcoming launch of Principal, a UK lifestyle hotel group.

The group will officially launch on 1st November, following a capital investment in the portfolio of around £150 million.
Principal is a collection of city-centre hotels based in landmark buildings. Starwood Capital says: "Each of the hotels has a story to tell-of its history, its design and architecture, its quirks and characters, and its role in shaping the city and forging relationships with local partners, whether corporate or creative."

Principal will initially launch with three properties: The Principal Edinburgh George Street (formerly The George Hotel), The Principal York (formerly The Royal York Hotel) and The Principal Manchester (formerly The Palace Hotel).
Barry Sternlicht, chairman and CEO of Starwood Capital Group, said: "At the heart of a great business is a unique and authentic story. Our people and our buildings have great stories to tell, and these stories differentiate you from the competition, giving your guests and your staff something to cheer about," said "Reviving these historic, grande-dame hotels is a truly great story- they are spectacular buildings in which we can create dynamic scenes. The story of each hotel, its amazing history and architecture is the opposite of the mass-produced chain hotel, and provides us with a canvas on which to curate a unique sense of place."
The Principal portfolio also includes Principal Partners, described as iconic hotels that will join the brand over the course of 2017, among them The Grand Central Hotel in Glasgow; The Hotel Russell in London, which is currently closed and is due to reopen next summer as The Principal London; and the former Martins Bank, which will open as The Principal Liverpool in early 2018.
The creation of Principal is a part of Starwood Capital Group's rebranding of its portfolio of UK hotels under the new name of The Principal Hotel Company, comprising Principal in city centres, and De Vere country estate hotels. The De Vere brand is scheduled to launch in spring/summer 2017, following an investment of more than £50 million.
The Principal Hotel Company, which owns and operates more than 40 properties, received an investment in excess of £200 million following the acquisition of Principal Hayley by a controlled affiliate of Starwood Capital Group in 2013, and the subsequent acquisitions of De Vere Venues, Four Pillars, the Townhouse Collection and other individual assets.

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