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Palace Hotel owner changes hands

28th February 2013

PRINCIPAL Hayley, the owner of Manchester's Palace Hotel, has been bought by the US-based Starwood Fund.The group has 23 hotels including Cranage Hall in Holmes Chapel, Cheshire.It is understood to have changed hands for around £360m.Most of the cash will go to Lloyds which took control of the business from private equity group Permira in a debt-for-equity swap in 2010.Chief executive Tony Troy said: “We are pleased with the opportunity to work with Starwood Capital, which has extensive experience in the hospitality sec......for the full story register now for free or login below...

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