De Vere has announced that CEO Tony Troy will step down at the end of January to pursue other private investment opportunities, though he will continue to support the group as a Non-Executive Director.
With over 30 years’ industry experience, Troy has helped shape the UK hospitality landscape, from his first management buy-out in 1994 to more recently managing a multibillion pound investment and repositioning for Starwood Capital. He also contributed to Starwood’s strategy in creating the Principal Hotel Company.
“Eight years ago, we embarked on an investment strategy aimed at consolidating more than 50 hotels across four different UK hotel companies to form a leading platform” says Cody Bradshaw, Managing Director, Global Head of Hotel Asset Management at Starwood Capital. “Through Tony’s expert industry knowledge and entrepreneurial skills, he made a significant contribution to the overall success of the strategy.”
After realigning the various portfolios, delivering robust operating performance and overseeing the investment of more than £250 million of capital, this led to the creation of two new brands comprising Principal, iconic landmark city hotels and De Vere, a collection of historic mansion house estates, distinctive contemporary hotels and event destinations with market-leading conference and leisure facilities.
In July 2018, the Principal portfolio was successfully sold to Covivio and it was agreed that Tony would remain for a period of time to assist the transition of the remaining De Vere Group to become a standalone group in its own right. However, as a result of the Coronavirus pandemic, Troy chose to stay on to provide strategic support and direction during this time of unprecedented change and disruption. Having successfully navigated through the challenging period, Troy has now moved into a Non-Executive role.
James Burrell, who joined Principal Hotel Company as Chief Financial Officer in July 2014 and assisted Troy and Starwood Capital in the strategic development of the group, will take on the role as CEO of De Vere.
Bradshaw continues: “James is a proven executive with a successful track record of creating growth and value, and we are pleased that he has agreed to continue his leadership role with De Vere. His leadership has been invaluable, particularly over the last two years, and we look forward to thriving under his stewardship.”