Irish investors sell hotel for €200m

THE Four Seasons Hotel in Milan, which is owned by Irish investors, has been sold for around €200 million.

The hotel was owned by Quinlan Private, the investment vehicle run by Derek Quinlan on behalf of some of Ireland’s richest individuals.

According to Quinlan Private, the price paid sets a world record. The €200m price tag works out at nearly €1.7 million for each of the hotels 118 luxurious rooms.

“While we are sad to see one of our best hotel assets leave our portfolio, we are pleased to have delivered an attractive return for our investors,” Peter Donnelly of Quinlan Private said.

The hotel was bought by Italian property company Statuto Group.

The Four Seasons hotel, a former 15th century convent, is located in Milan’s fashion and retail district, near La Scala opera house and the financial district.

The sale follows last year’s sale of the Savoy Hotel in London for around €300m by the Quinlan group.

Quinlan Private was set up in 1989 by former Revenue tax inspector Derek Quinlan.

The company has invested in property across Europe and the US. Its assets are valued at around €5 billion.

Its hotels include the Berkeley, Claridges and the Connaught in London.

Its client base includes Riverdance pair Moya Doherty and John McColgan, car dealer Frank Keane and judge Fidelma Macken.