A group of investors, led by Quinlan Private, has agreed to buy the Savoy Group from the Blackstone Group and Colony Capital for £750m sterling.
Quinlan Private is an international property investment and advisory group, headed by former Revenue inspector Derek Quinlan. Recent transactions include the purchase of the Four Seasons hotels in Milan, Budapest and Prague.
The Savoy Group is a super-luxury hotel group with 772 bedrooms. It comprises four of London's leading super luxury hotels, the Berkeley, Claridge's, the Connaught and the Savoy. It also owns over 50% of the super luxury hotel rooms in the city.
'The acquisition provides Quinlan Private with a unique opportunity to extend its hotel portfolio and use its experience and resources to enhance the international standing of the hotels comprising the Savoy Group, ' commented Derek Quinlan, Chairman of Quinlan Private.
Reports say that Quinlan saw off competition from Saudi prince Alwaleed Bin Tala Alsaud for the hotel group. A member of the Saudi royal family, he shot to fame after he took a 17% stake in Euro Disney.
