Grand Hotels Acquisition Company, which is financed by Nomura’s Principle Finance Group, took over the hotel portfolio from a consortium which included Bridgepoint Capital and PPM Ventures.
Principle Hotels includes 14 hotels in the UK, two in Copenhagen and one in Amsterdam. It also has a management contract in Dublin. The hotel chain focuses on the four-star business and conference hotel market.
Principle Hotels was the subject of a £68m LBO in March 1994 which was led by Bridgepoint Capital. With the new landlord in place, Tony Troy will stay on as managing director and Juergen Bartels, who was previously chief executive of Starwood Hotels, will become executive chairman.
Earlier this week, Nomura emerged a likely bidder for three of the four hotel chains put up for sale by Granada Compass. Granada is selling its Le Meridien chain, which includes London’s Grosvenor House, 79 mid-market UK Posthouse hotels, 47 Heritage country hotels and three London Signature hotels.