THE parent company of the Royal York Hotel has been bought by private investment company Starwood Capital Group.

The Principal Hayley Group, which counts the Royal York among 23 city centre hotels in its portfolio, is part of the US-based Starwood Capital Group’s expansion in the European hotel sector, after it also bought the Louvre Hotel Group, many of the Meridien Hotels including the Etoile in Paris and the Eden in Rome, the luxury Baccarat Hotel & Resorts brand and the lifestyle eco-brand, 1 Hotels & Resorts.

Jeff Dishner, senior managing director of Starwood Capital Group, said: “We intend to use our capital and branding expertise to maximize the value of each property in the portfolio.

“We look forward to working with the Principal Hayley management team to grow the enterprise.”

Tony Troy, chief executive of Principal Hayley, added: “We are pleased with the opportunity to work with Starwood Capital, which has extensive experience in the hospitality sector and a very strong track record. We look forward to the future development of the group as a platform for growth.”