Starwood Capital is the preferred bidder to buy the Principal Hayley hotel chain, which is part owned by Lloyds Banking Group.
Starwood has emerged as the preferred bidder in a deal worth £400m.
Lloyds and Principal Hayley’s management will now decide if they want to progress with a deal at that price, with the hotel chain having original been offered for sale through Goldman Sachs for £500m.
It is hoped a deal can be finalised in the next couple of months. Principal Hayley’s venues include the George Hotel in Edinburgh, Selsden Park in Surrey, Hotel Russell in London, and the Palace, in Manchester.
nick.whitten@estatesgazette.com
