Former Hand Picked operations director Gregor Ritchie and group finance director Arvinder Walia will become Hillwood's new joint managing directors.
Hilwood has also announced its first acquisition, the 118-bedroom Grand in St Helier, Jersey from the De Vere Group, for £15.5m.
Ritchie said: "We look forward to building the portfolio and adding value through our joint asset management skills, carving out a sophisticated signature brand combining the very best facilities and service at the high end of the market place."
The company aims to acquire and operate a portfolio of city and provincial hotel investments in the premium four and five star areas of the UK hotel sector.
By Emily Manson