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{{POV check|date=December 2016}}
{{Use dmy dates|date=April 2022}}
{{Infobox company
{{Infobox company
| name = Principal Hotel Company
| name = Principal Hotel Company
| logo = Principal Hotel Company logo.png
| logo = Principal Hotel Company logo.png
| type = [[Private company|Private]]
| type = [[Private company|Private]]
| foundation = 2006<ref>{{cite web|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=128215|title=Principal Hayley|publisher=[[Business Week]]|accessdate=2009-12-31}}</ref>
| foundation = 1984<ref>{{Cite web|url=https://www.thecaterer.com/news/hotel/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide|title=How Starwood's new Principal brand will shake|date=November 2016}}</ref>
⚫
| area_served = United Kingdom<br />France
| location = [[Harrogate]], England, UK
| key_people = Tony Troy, [[Chief Executive Officer]]
⚫
| area_served = United Kingdom<br>France
| industry = [[Hospitality]]
| industry = [[Hospitality]]
| products =
| products =
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==History==
==History==
Principal Hotel Company advertises that it was established in 1898, as that is the year the oldest hotel in its chain, [[Kimpton Fitzroy London Hotel]], opened, under unrelated ownership. The modern Principal Hotel Company was first founded in 1984. In 1992, when the chain had 18 properties, it went bankrupt during a recession.<ref>https://www.thecaterer.com/news/hotel/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide</ref> Two years later, in 1994, In 1994, a former former operations director of the chain, Tony Troy, led a management buyout for £68 million by Bridgepoint Capital.<ref>https://www.hospitalitynet.org/news/4006991.html</ref> In 2001, Princpial Hotels was sold to [[Nomura Holdings|Nomura International Plc]] for £255 million, with Troy staying on as managing director.<ref>https://www.privateequityinternational.com/nomura-acquires-principle-hotels-for-255m/</ref> Nomura had just bought [[Le Méridien]] and rebranded the hotels to that chain.
A predecessor company was founded in 1984. In 1992, when the chain had 18 properties, it went bankrupt during a recession.<ref>{{Cite web|url=https://www.thecaterer.com/news/hotel/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide|title=How Starwood's new Principal brand will shake|date=November 2016}}</ref> Two years later, in 1994, a former operations director of the chain, Tony Troy, led a management buyout for £68 million by Bridgepoint Capital.<ref>{{Cite web|url=https://www.hospitalitynet.org/news/4006991.html|title = Nomura International PLC's Principal Finance Group Buys Principal Hotels - Juergen Bartels Joins Management Team}}</ref> In 2001, Principal Hotels was sold to [[Nomura Holdings|Nomura International Plc]] for £255 million, with Troy staying on as managing director.<ref>{{Cite web|url=https://www.privateequityinternational.com/nomura-acquires-principle-hotels-for-255m/|title=Nomura acquires Principle Hotels for £255m|date=29 December 2012}}</ref> Nomura had just bought [[Le Méridien]] and rebranded the hotels to that chain.


The company was reconstituted in 2004, when Le Méridien faced financial difficulties, and Troy took control back of the London, Manchester, York and Leeds properties.<ref> https://www.independent.co.uk/news/business/news/rbs-takes-its-partners-in-the-le-meridien-hotel-reshuffle-81443.html</ref> In 2006, the chain was sold by the [[Royal Bank of Scotland]] to the [[private equity firm]] [[Permira]].<ref>https://www.privateequityinternational.com/permira-moves-into-4-star-hotels/</ref> In 2007, Principal Hotels sold their physical hotel properties to aAIM Group for £270 million and leased them back.<ref>http://europe-re.com/aaim-group-acquires-six-principal-hotels-for-163-270-million-from-permira-uk/31141</ref> That same year, the chain bought Hayley Conference Hotels, becoming the Principal Hayley Group.<ref>https://www.thecaterer.com/news/hotel/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide</ref>
The company was reconstituted in 2004, when Le Méridien faced financial difficulties, and Troy took control back of the London, Manchester, York and Leeds properties.<ref>{{Cite web|url=https://www.independent.co.uk/news/business/news/rbs-takes-its-partners-in-the-le-meridien-hotel-reshuffle-81443.html|title = RBS takes its partners in the le Meridien hotel reshuffle|date = 7 December 2003}}</ref> In 2006, the chain was sold by the [[Royal Bank of Scotland]] to the [[private equity firm]] [[Permira]].<ref>{{Cite web|url=https://www.privateequityinternational.com/permira-moves-into-4-star-hotels/|title=Permira moves into 4 star hotels|date=3 January 2013}}</ref> In 2007, Principal Hotels sold their physical hotel properties to aAIM Group for £270 million and leased them back.<ref>{{Cite web|url=http://europe-re.com/aaim-group-acquires-six-principal-hotels-for-163-270-million-from-permira-uk/31141|title=AAIM Group acquires six Principal Hotels for £270 million from Permira (UK)}}</ref> That same year, the chain bought Hayley Conference Hotels, becoming the Principal Hayley Group.<ref>{{Cite web|url=https://www.thecaterer.com/news/hotel/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide|title=How Starwood's new Principal brand will shake|date=November 2016}}</ref>


In 2009, it expanded through the purchase of two venues from the collapsed group [[The Real Hotel Company]]<ref>{{cite web|url=http://www.citmagazine.com/news/915916/Principal-Hayley-rescues-New-Connaught-Rooms-administration/|title=Principal Hayley rescues New Connaught Rooms from administration|author=Leanne Bell|publisher=citmagazine.com|date=2009-06-25|accessdate=2009-12-31}}</ref> and opened two new venues in France and Spain.
In 2009, it expanded through the purchase of two venues from the collapsed group [[The Real Hotel Company]]<ref>{{cite web|url=http://www.citmagazine.com/news/915916/Principal-Hayley-rescues-New-Connaught-Rooms-administration/|title=Principal Hayley rescues New Connaught Rooms from administration|author=Leanne Bell|publisher=citmagazine.com|date=2009-06-25|accessdate=2009-12-31}}</ref> and opened two new venues in France and Spain.


In 2010 the company was taken over by Lloyds, following financial difficulty. In 2012, the company bought back the hotels it had sold to aAim for £200m.<ref>https://www.thetimes.co.uk/article/hotel-owner-buys-back-six-sites-szg0jvcrj33</ref> In February 2013, Lloyds sold the group to the American investment company [[Starwood Capital Group]] for {{GBP}}360 million.<ref>{{cite web|title=Lloyds to sell off hotels in £360m deal|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9898812/Lloyds-to-sell-off-hotels-in-360m-deal.html|website=The Telegraph|accessdate=10 January 2015|date=28 February 2013}}</ref>
In 2010 the company was taken over by Lloyds, following financial difficulty. In 2012, the company bought back the hotels it had sold to aAim for £200m.<ref>{{Cite news|url=https://www.thetimes.co.uk/article/hotel-owner-buys-back-six-sites-szg0jvcrj33|title = Hotel owner buys back six sites|last1 = Goodman|first1 = Matthew}}</ref> In February 2013, Lloyds sold the group to the American investment company [[Starwood Capital Group]] for {{GBP}}360 million.<ref>{{cite web|title=Lloyds to sell off hotels in £360m deal|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9898812/Lloyds-to-sell-off-hotels-in-360m-deal.html|website=The Telegraph|accessdate=10 January 2015|date=28 February 2013}}</ref>


In November 2016, Principal Hayley Group went through a major rebranding and re-investment project. The group became known as the Principal Hotel Company and split their portfolio between two groups of hotels; Principal (a group of luxury city hotels) and De Vere (a group of country estate hotels).<ref>{{cite web|title=How Starwood's new Principal brand will shake up city centres nationwide|url=https://www.thecaterer.com/articles/369061/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide|publisher=thecaterer.com|date=2016-11-01}}</ref> In September 2017, De Vere relaunched with 22 locations<ref>{{cite web|url=https://buyingbusinesstravel.com/news/1427680-de-vere-unveils-brand-transformation/|title=De Vere unveils brand transformation|website=Buyingbusinesstravel.com|date=14 September 2017|author=Molly Dyson|accessdate=14 January 2020}}</ref><ref>{{cite web|url=https://www.hospitalityandcateringnews.com/2017/09/de-vere-unveils-brand-transformation-following-100-million-portfolio-investment/|title=De Vere unveils brand transformation following £100+ million portfolio investment|website=Hospitalityandcateringnews.com|date=15 September 2017|accessdate=14 January 2020}}</ref> and announced the sale of 20 non-core hotels.<ref>{{cite web|url=https://www.thecaterer.com/news/hotel/principal-hotel-company-to-make-200m-from-20-hotel-disposals|title=Principal Hotel Company to make £200m from 20 hotel disposals|website=Thecaterer.com|date=27 September 2017|author=Janet Harmer|accessdate=14 January 2020}}</ref> In December 2017, the Wychwood Park hotel was sold to [[Mokan Hotels Company]] for £8 million.<ref>{{cite web|url=https://www.thecaterer.com/news/hotel/wychwood-park-hotel-sold-for-8m|title=Wychwood Park hotel sold for £8m|website=Thecaterer.com|date=20 December 2017|author=Katie Pathiaki|accessdate=14 January 2020}}</ref>
In November 2016, Principal Hayley Group went through a major rebranding and re-investment project. The group was renamed as the Principal Hotel Company and split their portfolio between two groups of hotels; Principal (a group of luxury city hotels) and De Vere (a group of country estate hotels).<ref>{{cite web|title=How Starwood's new Principal brand will shake up city centres nationwide|url=https://www.thecaterer.com/articles/369061/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide|publisher=thecaterer.com|date=2016-11-01}}</ref> In September 2017, De Vere relaunched with 22 locations<ref>{{cite web|url=https://buyingbusinesstravel.com/news/1427680-de-vere-unveils-brand-transformation/|title=De Vere unveils brand transformation|website=Buyingbusinesstravel.com|date=14 September 2017|author=Molly Dyson|accessdate=14 January 2020}}</ref><ref>{{cite web|url=https://www.hospitalityandcateringnews.com/2017/09/de-vere-unveils-brand-transformation-following-100-million-portfolio-investment/|title=De Vere unveils brand transformation following £100+ million portfolio investment|website=Hospitalityandcateringnews.com|date=15 September 2017|accessdate=14 January 2020}}</ref> and announced the sale of 20 non-core hotels.<ref>{{cite web|url=https://www.thecaterer.com/news/hotel/principal-hotel-company-to-make-200m-from-20-hotel-disposals|title=Principal Hotel Company to make £200m from 20 hotel disposals|website=Thecaterer.com|date=27 September 2017|author=Janet Harmer|accessdate=14 January 2020}}</ref> In December 2017, the Wychwood Park hotel was sold to Mokan Hotels Company for £8 million.<ref>{{cite web|url=https://www.thecaterer.com/news/hotel/wychwood-park-hotel-sold-for-8m|title=Wychwood Park hotel sold for £8m|website=Thecaterer.com|date=20 December 2017|author=Katie Pathiaki|accessdate=14 January 2020}}</ref>


In May 2018, [[InterContinental Hotels Group]] announced that 10 Principal Hotels in the UK would be rebranded as [[Kimpton Hotels]], following a conditional agreement to operate the hotels on behalf of [[Fonciere des Regions]] (“FdR”).<ref>{{cite web|title=IHG adds 13 luxury and upscale hotels in the UK|url=https://www.ihgplc.com/en/news-and-media/news-releases/2018/ihg-adds-13-luxury-and-upscale-hotels-in-the-uk|date=2018-07-04}}</ref><ref>{{cite web|url=https://www.businesstraveller.com/business-travel/2019/08/03/intercontinental-brand-returns-to-edinburgh/|title=Intercontinental brand returns to Edinburgh|website=Businesstraveller.com|date=3 August 2019|author=Mark Caswell|accessdate=14 January 2020}}</ref>
In May 2018, [[Fonciere des Regions]] and the [[InterContinental Hotels Group]] bought the chain from Starwood Capital for $1.1 billion,<ref>{{Cite web|url=https://www.hotelbusiness.com/fonciere-des-regions-acquires-hotels-from-starwood-group-ihg-to-manage/|title = Foncière des Régions Acquires Hotels from Starwood Capital Group; IHG to Manage|date = 3 May 2018}}</ref> with FdR acquiring the underlying property assets and IHG taking over management of the hotels.<ref>{{Cite web|url=https://www.headforpoints.com/2018/05/03/ihg-acquires-principal-hotels/|title = IHG buys Principal Hotels - this is what they are buying}}</ref> IHG announced that some Principal Hotels would be rebranded as [[Kimpton Hotels]].<ref>{{cite web|title=IHG adds 13 luxury and upscale hotels in the UK|url=https://www.ihgplc.com/en/news-and-media/news-releases/2018/ihg-adds-13-luxury-and-upscale-hotels-in-the-uk|date=2018-07-04}}</ref>

Principal Hotel Company advertises that it was established in 1898, as that is the year the oldest hotel in its chain, [[Kimpton Fitzroy London Hotel]], opened, under unrelated ownership.


==Locations==
==Locations==
Line 51: Line 51:
| rowspan="2" | [[Glasgow]] || Kimpton Blythswood Square Hotel
| rowspan="2" | [[Glasgow]] || Kimpton Blythswood Square Hotel
|-
|-
| [[Grand Central Hotel (Glasgow)|Grand Central Hotel]]
| [[Grand Central Hotel (Glasgow)|voco Grand Central Glasgow]]
|-
|-
| [[Manchester]] || [[Kimpton Clocktower Hotel]]
| [[Manchester]] || [[Kimpton Clocktower Hotel]]
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[[Category:Hospitality companies established in 2004]]
[[Category:Hospitality companies established in 2004]]
[[Category:Hotel chains in the United Kingdom]]
[[Category:Hotel chains in the United Kingdom]]
[[Category:Permira companies]]

{{Europe-hotel-stub}}

Latest revision as of 11:01, 17 June 2024

Principal Hotel Company
Company typePrivate
IndustryHospitality
Founded1984[1]
Area served
United Kingdom
France
Revenue£160.9 million (2013)[2]
ParentIntercontinental Hotels Group
Websitewww.phcompany.com

Principal Hotel Company is a British hotel and conference venue operator headquartered in Harrogate, England.

History

[edit]

A predecessor company was founded in 1984. In 1992, when the chain had 18 properties, it went bankrupt during a recession.[3] Two years later, in 1994, a former operations director of the chain, Tony Troy, led a management buyout for £68 million by Bridgepoint Capital.[4] In 2001, Principal Hotels was sold to Nomura International Plc for £255 million, with Troy staying on as managing director.[5] Nomura had just bought Le Méridien and rebranded the hotels to that chain.

The company was reconstituted in 2004, when Le Méridien faced financial difficulties, and Troy took control back of the London, Manchester, York and Leeds properties.[6] In 2006, the chain was sold by the Royal Bank of Scotland to the private equity firm Permira.[7] In 2007, Principal Hotels sold their physical hotel properties to aAIM Group for £270 million and leased them back.[8] That same year, the chain bought Hayley Conference Hotels, becoming the Principal Hayley Group.[9]

In 2009, it expanded through the purchase of two venues from the collapsed group The Real Hotel Company[10] and opened two new venues in France and Spain.

In 2010 the company was taken over by Lloyds, following financial difficulty. In 2012, the company bought back the hotels it had sold to aAim for £200m.[11] In February 2013, Lloyds sold the group to the American investment company Starwood Capital Group for £360 million.[12]

In November 2016, Principal Hayley Group went through a major rebranding and re-investment project. The group was renamed as the Principal Hotel Company and split their portfolio between two groups of hotels; Principal (a group of luxury city hotels) and De Vere (a group of country estate hotels).[13] In September 2017, De Vere relaunched with 22 locations[14][15] and announced the sale of 20 non-core hotels.[16] In December 2017, the Wychwood Park hotel was sold to Mokan Hotels Company for £8 million.[17]

In May 2018, Fonciere des Regions and the InterContinental Hotels Group bought the chain from Starwood Capital for $1.1 billion,[18] with FdR acquiring the underlying property assets and IHG taking over management of the hotels.[19] IHG announced that some Principal Hotels would be rebranded as Kimpton Hotels.[20]

Principal Hotel Company advertises that it was established in 1898, as that is the year the oldest hotel in its chain, Kimpton Fitzroy London Hotel, opened, under unrelated ownership.

Locations

[edit]

The company operates 12 locations in the UK.

Location Name
London Kimpton Fitzroy London Hotel
Edinburgh Kimpton Charlotte Square Hotel
InterContinental Edinburgh The George
Glasgow Kimpton Blythswood Square Hotel
voco Grand Central Glasgow
Manchester Kimpton Clocktower Hotel
York The Principal York
Cardiff voco St David's Cardiff Hotel
Sandford-on-Thames voco Oxford Thames
Oxford voco Oxford Spires
Dorking Wotton House
Leeds The Met Hotel

Governance

[edit]
  • CEO : Tony Troy[21]

References

[edit]
  1. ^ "How Starwood's new Principal brand will shake". November 2016.
  2. ^ "PRINCIPAL HAYLEY SEALS £300M REFINANCE". Insider Media. 5 September 2014. Retrieved 10 January 2015.
  3. ^ "How Starwood's new Principal brand will shake". November 2016.
  4. ^ "Nomura International PLC's Principal Finance Group Buys Principal Hotels - Juergen Bartels Joins Management Team".
  5. ^ "Nomura acquires Principle Hotels for £255m". 29 December 2012.
  6. ^ "RBS takes its partners in the le Meridien hotel reshuffle". 7 December 2003.
  7. ^ "Permira moves into 4 star hotels". 3 January 2013.
  8. ^ "AAIM Group acquires six Principal Hotels for £270 million from Permira (UK)".
  9. ^ "How Starwood's new Principal brand will shake". November 2016.
  10. ^ Leanne Bell (25 June 2009). "Principal Hayley rescues New Connaught Rooms from administration". citmagazine.com. Retrieved 31 December 2009.
  11. ^ Goodman, Matthew. "Hotel owner buys back six sites".
  12. ^ "Lloyds to sell off hotels in £360m deal". The Telegraph. 28 February 2013. Retrieved 10 January 2015.
  13. ^ "How Starwood's new Principal brand will shake up city centres nationwide". thecaterer.com. 1 November 2016.
  14. ^ Molly Dyson (14 September 2017). "De Vere unveils brand transformation". Buyingbusinesstravel.com. Retrieved 14 January 2020.
  15. ^ "De Vere unveils brand transformation following £100+ million portfolio investment". Hospitalityandcateringnews.com. 15 September 2017. Retrieved 14 January 2020.
  16. ^ Janet Harmer (27 September 2017). "Principal Hotel Company to make £200m from 20 hotel disposals". Thecaterer.com. Retrieved 14 January 2020.
  17. ^ Katie Pathiaki (20 December 2017). "Wychwood Park hotel sold for £8m". Thecaterer.com. Retrieved 14 January 2020.
  18. ^ "Foncière des Régions Acquires Hotels from Starwood Capital Group; IHG to Manage". 3 May 2018.
  19. ^ "IHG buys Principal Hotels - this is what they are buying".
  20. ^ "IHG adds 13 luxury and upscale hotels in the UK". 4 July 2018.
  21. ^ "Top 100: Tony Troy, Principal Hotel Company". Thecaterer.com. 19 April 2018. Retrieved 14 January 2020.
[edit]
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