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Rocco Forte Hotels has sold its St David”s Hotel & Spa in Cardiff to Principal Hotels for ”32.5m ($63.1m). Proceeds from the sale will be used for further expansions in Europe, with developments in Munich, Geneva, Prague and Sicily already under way and completions due within a year.
"Our original intention was to sell our business in Cardiff but to retain a management contract," explained company owner Sir Rocco Forte. "However, the sale process has attracted a premium bid from a company wishing to manage the hotel as part of its UK portfolio and it makes good sense for us to accept that bid and have extra resources available for our expansion programme on mainland Europe.
"We leave Cardiff with considerable sadness but I am proud that The St David”s Hotel & Spa has played a very important part in the development of Cardiff Bay and has helped to put the city on the tourism map."
Principal Hotels CEO Tony Troy said: "We are delighted with the addition of The St David”s Hotel & Spa to the Principal portfolio as it is a unique hotel in a strategically important location for us."
Unconditional contracts for the sale have now been exchanged, with completion due for 5 April, 2007.