Starwood Capital is set to sell 19 venues from its UK hotel portfolio, reportedly worth a total of £180 million.
According to event website MeetPie, the U.S. private equity company has appointed Christie + Co to sell 11 De Vere hotels and seven Principal Hayley hotels, as well as the Oxford Witney, a Four Pillars hotel.
The portfolio, known as Project Milan, reported revenues of £68 million last year. Starwood bought Principal Hayley’s 23 hotels in 2013, before acquiring De Vere Venues from the De Vere Group for approximately £231 million in March last year. The Four Pillars portfolio was taken over in January 2014.
When the sale is completed, it will leave Starwood with 12 De Vere and 16 Principal Hayley hotels.