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Permira re-enters hotel market
Private equity firm Permira has re-entered the UK hotel sector following its £675m disposal of Travelodge in August, by acquiring Principal Hotels from Royal Bank of Scotland for a reported £300m.
Principal Hotels is a four-star, upper mid-market hotel chain with six properties in its portfolio, including The Russell in London and The George in Edinburgh.
Martin Clarke, partner at Permira, said: “This acquisition will act as a platform for consolidation in what is still a very fragmented market in the UK.
“We look forward to supporting this development under the direction of the existing management team, all of whom have a proven track record in the hotel industry.”
Principal Hotels’ chief executive officer, Tony Troy, added: “We welcome the opportunity to work with Permira and develop Principal Hotels, particularly to seek out acquisitions in both Europe and the UK.” Details: www.principal-hotels.com
Photograph: The Russell hotel in London. Copyright 2005 www.principal-hotels.com
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