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February 20, 2015
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UK: Starwood to Sell £180m of UK Conference Hotels

Starwood Capital is set to sell 19 venues from its UK hotel portfolio, worth a total of £180m. 

The US private equity company has appointed Christie + Co to sell 11 De Vere hotels and seven Principal Hayley hotels, as well as the Oxford Witney, a Four Pillars hotel. 

The sale includes more than 15,000 sqm of conference space across the portfolio, known as Project Milan, which reported revenues of £68m last year. The sale is set to bring what a number of providers see as a much-needed reduction in UK conference centre capacity.

Tim Chudley, MD of Sundial Group, said: "As an international investor in big hospitality businesses the rationalisation of the Starwood estate makes sense following the consolidation of the two biggest conference centre operations. I see this as an opportunity for Sundial Group to champion the smaller dedicated residential venue niche as a point of difference from the big venue brands."

Read more at MeetPie.com...

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