Principal Hayley Group, the Permira backed hotel and conference venues operator, today announced that it has splashed out £50m on three Marriott hotels.
The Sheffield Marriott Hotel, the Renaissance Derby Nottingham Hotel and the Renaissance Solihull Hotel form part of a package of five Marriotts put up for sale by investment firms Quinlan Private and Igal Ahouvi Group in May for £75m.
The sale will be completed on 30 November when the three hotels will be re-branded under the Principal Hayley name.
The acquisition increases the Principal Hayley portfolio to 20 properties and venues around the UK and Europe, offering a combined capacity of more than 3,400 bedrooms and nearly 450 meeting rooms.
Tony Troy, chief executive of Principal Hayley, said: "Strategically we have been looking to acquire prime properties in the midlands in order to further strengthen our objective of providing properties in all the key regions of the UK.
"These three hotels are already well established in their own right and will further enhance the Group's collection of four and five-star venues."
Graham Dodd, senior vice-president at Jones Lang LaSalle Hotels, which acted on behalf of Quinlan and Igal Ahouvi, said: "Despite the current uncertainty in the credit market, these hotels attracted strong interest."
By Daniel Thomas