The hotel company behind the Principal and De Vere brands has appointed advisers to look at a sale valuing the business at more than £1.2bn.
Starwood Capital Group, the American investment firm, is understood to have taken on UBS to advise it on strategic options for the Principal Hotel Company ranging from a refinancing to an outright disposal.
The Principal brand includes 12 of Britain’s best-known city centre hotels, including Blythswood Square and the Grand Central Hotel in Glasgow, the St David’s Hotel in Cardiff and the Principal Edinburgh George Street, formerly the George, as well as the Principal London, formerly the Hotel Russell.
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