Principal Hayley buys back and resells six hotels

Principal Hayley has bought back six hotels for £200m from property fund AAIM.

The hotel group, which has 22 hotels in the UK, then immediately sold the freehold of the properties to Parmerica, the real-estate arm of America's Prudential, and will continue to operate them on a 175-year lease.

Principal Hayley originally sold the properties - which include the Hotel Russell in London, the Selsdon Park in Surrey, the Leeds Metropole, the Royal York, the Palace Manchester and the George in Edinburgh - to AAIM in 2006, at the height of the property market, for about £275m.

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By Janet Harmer

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