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Rocco Forte Hotels Sells the St David's Hotel & SpaMarch 16, 2007 By: Mackenzie Allison Travel Agent
Rocco Forte Hotels has agreed to sell The St David's Hotel & Spa in Cardiff to Principal Hotels for £32.5 million. Sale proceeds will be used to fund further expansion of the brand in Europe. Hotels already under development in Munich, Geneva and Prague, as well as a golf resort in Sicily, will open within the next year. Sir Rocco Forte has said that the original intention was to sell the business in Cardiff but to retain a management contract. However, the sale process attracted a premium bid from a company wishing to manage the hotel as part of its UK portfolio and it makes good sense for them to accept that bid and have extra resources available for their expansion program on mainland Europe. Visit [www.roccofortehotels.com].