All change at the Palace after £858m takeover
MANCHESTER’S former Palace Hotel could change its name again after a £858m takeover of the Principal Hotel Company.
The Oxford Street landmark, which houses acclaimed restaurant and bar The Refuge, was renamed The Principal in 2016 following a £21m transformation by Starwood Capital, which bought the building in 2013.
It will now be operated by InterContinental Hotels Group (IHG), under its luxury boutique brand Kimpton Hotels & Restaurants, after being acquired by French parent company Fonciere des Regions.
The Kimpton group has 65 hotels worldwide, mainly in the USA. The Principal deal will mark its first foray into the UK market.
Most have individual names but a number are operated under two subbrands, Hotel Palomar and Hotel Monaco.
An IHG spokeswoman confirmed The Principal Manchester would become a Kimpton hotel but said a decision had yet to be made on its name. The deal will mark the disappearance of the Principal name, industry publication The Caterer reports.
The Refuge, operated by the team behind independent suburban gem Volta, in West Didsbury, will remain at the heart of the hotel, the M.E.N. understands.
Keith Barr, chief executive of IHG, said: “Bringing Kimpton to such an important market as the UK is a key part of our plans, as is the introduction of our new upscale brand, which will provide an exciting, differentiated offering to both guests and owners.”
The grade II*-star listed building was designed by town hall architect Alfred Waterhouse and completed in 1985, and was originally the headquarters of life insurance and pensions provider The Refuge Assurance Company.
The business relocated in 1987 and the building lay empty for several years until reopening as the Palace Hotel in 1996.
The neon Palace lettering that decorated its iconic clock tower was taken down as part of the rebrand in 2016.