Prinicipal Hayley's chief executive, Tony Troy, said that he is excited about the company's future following its acquisition this week by private investment firm Starwood Capital Group.
As the owner of an extensive portfolio of hotels including the Louvre hotel group, comprising 1,100 hotels across 39 countries, the Carlyle in New York, and the Eden in Rome, Starwood has extensive experience in the sector which Troy said Principal Hayley will tap into.
"We really value having their expertise on board, particularly in the area of distribution," he explained.
"We have been looking for an investor for some time and with Starwood we have definitely got a good, strong owner on board as the company will now be able to expand and develop across the UK."
Future plans include the upgrading and expansion of existing properties, such as the addition of extra bedrooms at the 180-bedroom Grand Central hotel, Glasgow, which has consistently been running at 85% occupancy. The improvements said Troy will help drive the business forward in what is still challenging times, particularly for provincial hotels.
"The group will also be looking for new four-star acquisitions in gateway cities, depending on the opportunities available," added Troy. "We will mainly look at the UK, but we wouldn't rule out North European cities either."
Troy confirmed that he will be staying on as chief executive of Principal, but that non-executive chairman, Roger Devlin, will be stepping down from the company.