Edinburgh George in £200m deal

Edinburgh’s George hotel is part of a portfolio of properties that has been bought back by its original owner in a £200 million deal.

By The Newsroom

Published 9th Jan 2012, 00:00 BST

Lloyds Banking Group-backed Principal Hayley is reported to have re-acquired six hotels – including the Russell in London and the Royal York – from AAIM, a vehicle whose investors included Sir Alex Ferguson and Simon Cowell.

Principal Hayley offloaded the portfolio before the financial crisis. Immediately after the £200m deal, the firm sold the freehold to the properties to Pramerica.