Royal Bank of Scotland has assigned leases on five of its properties to a new company founded and led by…
Royal Bank of Scotland has assigned leases on five of its properties to a new company founded and led by Tony Troy.
The new hotel company will be called Principal Hotels and operate in the upper four star market with a strong focus on the conference sector. The group has expansive meeting facilities with a total capacity for 6000 delegates.
The initial five properties are Hotel Russell – London, 371 bedrooms; Selsdon Park Hotel & Golf Course – South Croydon, 204 bedrooms; The Palace Hotel – Manchester, 252 bedrooms; Hotel Metropole – Leeds, 118 bedrooms and The Royal York Hotel – York, 165 bedrooms.
Principal Hotels was initially a management buy out led by Tony Troy and acquired in 1994 for 68m and successfully sold to Nomura in 2001 for 258m. These properties were a significant factor in the group`s success.
Tony Troy C.E.O says I am delighted to have the opportunity to create a new Group and with these five properties you could not have a better platform. We have significant financial support to grow the group with the right opportunities both in the UK and Europe.
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