It is reported that Starwood Capital, the leading American property investor, is getting close to completing a £400m deal to buy Principal Hayley, the hotel and conference centre chain.
Principal Hayley, whose properties include the George Hotel in Edinburgh and Selsdon Park in Surrey, is part-owned by Lloyds Banking Group which has a 30% stake in addition to being the main lender to the group.
The remaining ownership is with management, with the team led by chief executive Tony Troy, and chairman Roger Devlin.
