{{Use dmy dates|date=April 2022}} {{Infobox company | name = Principal Hotel Company | logo = Principal Hotel Company logo.png | type = [[Private company|Private]] | founded = 1984<ref>{{Cite web|url=https://www.thecaterer.com/news/hotel/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide|title=How Starwood's new Principal brand will shake|date=November 2016}}</ref> | area_served = United Kingdom<br />France | industry = [[Hospitality]] | products = | revenue = {{GBP}}160.9 million (2013)<ref>{{cite web|title=PRINCIPAL HAYLEY SEALS £300M REFINANCE|url=http://www.insidermedia.com/insider/midlands/122758-luxury-hotel-group-seals-300m-refinance/|website=Insider Media|accessdate=10 January 2015|date=5 September 2014}}</ref> | operating_income = | net_income = | num_employees = | parent = [[Intercontinental Hotels Group]] | subsidiaries = | website = {{URL|https://www.phcompany.com}} | footnotes = }} '''Principal Hotel Company''' is a British hotel and conference venue operator headquartered in [[Harrogate]], England.

==History== A predecessor company was founded in 1984. In 1992, when the chain had 18 properties, it went bankrupt during a recession.<ref>{{Cite web|url=https://www.thecaterer.com/news/hotel/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide|title=How Starwood's new Principal brand will shake|date=November 2016}}</ref> Two years later, in 1994, a former operations director of the chain, Tony Troy, led a management buyout for £68 million by Bridgepoint Capital.<ref>{{Cite web|url=https://www.hospitalitynet.org/news/4006991.html|title = Nomura International PLC's Principal Finance Group Buys Principal Hotels - Juergen Bartels Joins Management Team}}</ref> In 2001, Principal Hotels was sold to [[Nomura Holdings|Nomura International Plc]] for £255 million, with Troy staying on as managing director.<ref>{{Cite web|url=https://www.privateequityinternational.com/nomura-acquires-principle-hotels-for-255m/|title=Nomura acquires Principle Hotels for £255m|date=29 December 2012}}</ref> Nomura had just bought [[Le Méridien]] and rebranded the hotels to that chain.

The company was reconstituted in 2004, when Le Méridien faced financial difficulties, and Troy took control back of the London, Manchester, York and Leeds properties.<ref>{{Cite web|url=https://www.independent.co.uk/news/business/news/rbs-takes-its-partners-in-the-le-meridien-hotel-reshuffle-81443.html|title = RBS takes its partners in the le Meridien hotel reshuffle|date = 7 December 2003}}</ref> In 2006, the chain was sold by the [[Royal Bank of Scotland]] to the [[private equity firm]] [[Permira]].<ref>{{Cite web|url=https://www.privateequityinternational.com/permira-moves-into-4-star-hotels/|title=Permira moves into 4 star hotels|date=3 January 2013}}</ref> In 2007, Principal Hotels sold their physical hotel properties to aAIM Group for £270 million and leased them back.<ref>{{Cite web|url=http://europe-re.com/aaim-group-acquires-six-principal-hotels-for-163-270-million-from-permira-uk/31141|title=AAIM Group acquires six Principal Hotels for £270 million from Permira (UK)}}</ref> That same year, the chain bought Hayley Conference Hotels, becoming the Principal Hayley Group.<ref>{{Cite web|url=https://www.thecaterer.com/news/hotel/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide|title=How Starwood's new Principal brand will shake|date=November 2016}}</ref>

In 2009, it expanded through the purchase of two venues from the collapsed group [[The Real Hotel Company]]<ref>{{cite web|url=http://www.citmagazine.com/news/915916/Principal-Hayley-rescues-New-Connaught-Rooms-administration/|title=Principal Hayley rescues New Connaught Rooms from administration|author=Leanne Bell|publisher=citmagazine.com|date=2009-06-25|accessdate=2009-12-31}}</ref> and opened two new venues in France and Spain.

In 2010 the company was taken over by Lloyds, following financial difficulty. In 2012, the company bought back the hotels it had sold to aAim for £200m.<ref>{{Cite news|url=https://www.thetimes.com/business-money/companies/article/hotel-owner-buys-back-six-sites-szg0jvcrj33|title = Hotel owner buys back six sites|last1 = Goodman|first1 = Matthew}}</ref> In February 2013, Lloyds sold the group to the American investment company [[Starwood Capital Group]] for {{GBP}}360 million.<ref>{{cite web|title=Lloyds to sell off hotels in £360m deal|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9898812/Lloyds-to-sell-off-hotels-in-360m-deal.html|website=The Telegraph|accessdate=10 January 2015|date=28 February 2013}}</ref>

In November 2016, Principal Hayley Group went through a major rebranding and re-investment project. The group was renamed as the Principal Hotel Company and split their portfolio between two groups of hotels; Principal (a group of luxury city hotels) and De Vere (a group of country estate hotels).<ref>{{cite web|title=How Starwood's new Principal brand will shake up city centres nationwide|url=https://www.thecaterer.com/articles/369061/how-starwoods-new-principal-brand-will-shake-up-city-centres-nationwide|publisher=thecaterer.com|date=2016-11-01}}</ref> In September 2017, De Vere relaunched with 22 locations<ref>{{cite web|url=https://buyingbusinesstravel.com/news/1427680-de-vere-unveils-brand-transformation/|title=De Vere unveils brand transformation|website=Buyingbusinesstravel.com|date=14 September 2017|author=Molly Dyson|accessdate=14 January 2020}}</ref><ref>{{cite web|url=https://www.hospitalityandcateringnews.com/2017/09/de-vere-unveils-brand-transformation-following-100-million-portfolio-investment/|title=De Vere unveils brand transformation following £100+ million portfolio investment|website=Hospitalityandcateringnews.com|date=15 September 2017|accessdate=14 January 2020}}</ref> and announced the sale of 20 non-core hotels.<ref>{{cite web|url=https://www.thecaterer.com/news/hotel/principal-hotel-company-to-make-200m-from-20-hotel-disposals|title=Principal Hotel Company to make £200m from 20 hotel disposals|website=Thecaterer.com|date=27 September 2017|author=Janet Harmer|accessdate=14 January 2020}}</ref> In December 2017, the Wychwood Park hotel was sold to Mokan Hotels Company for £8 million.<ref>{{cite web|url=https://www.thecaterer.com/news/hotel/wychwood-park-hotel-sold-for-8m|title=Wychwood Park hotel sold for £8m|website=Thecaterer.com|date=20 December 2017|author=Katie Pathiaki|accessdate=14 January 2020}}</ref>

In May 2018, [[Fonciere des Regions]] and the [[InterContinental Hotels Group]] bought the chain from Starwood Capital for $1.1 billion,<ref>{{Cite web|url=https://www.hotelbusiness.com/fonciere-des-regions-acquires-hotels-from-starwood-group-ihg-to-manage/|title = Foncière des Régions Acquires Hotels from Starwood Capital Group; IHG to Manage|date = 3 May 2018}}</ref> with FdR acquiring the underlying property assets and IHG taking over management of the hotels.<ref>{{Cite web|url=https://www.headforpoints.com/2018/05/03/ihg-acquires-principal-hotels/|title = IHG buys Principal Hotels - this is what they are buying}}</ref> IHG announced that some Principal Hotels would be rebranded as [[Kimpton Hotels]].<ref>{{cite web|title=IHG adds 13 luxury and upscale hotels in the UK|url=https://www.ihgplc.com/en/news-and-media/news-releases/2018/ihg-adds-13-luxury-and-upscale-hotels-in-the-uk|date=2018-07-04}}</ref>

Principal Hotel Company advertises that it was established in 1898, as that is the year the oldest hotel in its chain, [[Kimpton Fitzroy London Hotel]], opened, under unrelated ownership.

==Locations==

The company operates 12 locations in the UK.

{| class="wikitable" |+ |- ! Location !! Name |- | London || [[Kimpton Fitzroy London Hotel]] |- | rowspan="2" | [[Edinburgh]] || Kimpton Charlotte Square Hotel |- | [[The George Hotel (Edinburgh)|InterContinental Edinburgh The George]] |- | rowspan="2" | [[Glasgow]] || Kimpton Blythswood Square Hotel |- | [[Grand Central Hotel (Glasgow)|voco Grand Central Glasgow]] |- | [[Manchester]] || [[Kimpton Clocktower Hotel]] |- | [[York]] || [[The Principal York]] |- | [[Cardiff]] || [[voco St David's Cardiff Hotel]] |- | [[Sandford-on-Thames]] || voco Oxford Thames |- | [[Oxford]] || voco Oxford Spires |- | [[Dorking]] || [[Wotton House, Surrey|Wotton House]] |- | [[Leeds]] || [[The Met Hotel]] |}

==Governance== * CEO : Tony Troy<ref>{{cite web|url=https://www.thecaterer.com/news/in-depth/top-100-tony-troy-principal-hotel-company|title=Top 100: Tony Troy, Principal Hotel Company|website=Thecaterer.com|date=19 April 2018|accessdate=14 January 2020}}</ref>

==References== {{reflist}}

==External links== *[https://www.phcompany.com Company website]

{{UK Hotels}}

[[Category:Companies based in Harrogate]] [[Category:Hospitality companies established in 1984]] [[Category:Hospitality companies established in 2004]] [[Category:Hotel chains in the United Kingdom]] [[Category:Permira companies]]