LONDON Grand Hotels Acquisition Company Limited, a company formed and financed by Nomura International plcs Principal Finance Group, acquired Principal Hotels from a consortium composed primarily of Bridgepoint Capital and PPM Ventures. The consideration is $372 million. Principal Hotels is made up of 17 properties, 14 in the UK, two in Copenhagen, and one in Amsterdam. It also holds one management contract in Dublin. Principal Hotels is focused on the 4-star business and conference hotel market with a number of well-known hotels in the UK. Juergen Bartels, who was previously chief executive of Starwood Hotels, will become executive chairman, and Tony Troy will continue as managing director. (1/29/01)
