Quinlan group swoops and steals Savoy deal

Quinlan group swoops and steals Savoy deal

An Irish consortium, Quinlan Private, headed by former Revenue inspector Mr Derek Quinlan, has agreed to buy the Savoy Group from the Blackstone Group and Colony Capital for £750m (€1.12bn).

Quinn has previously put together consortia to buy Four Seasons hotels in Dublin, Milan, Prague and Budapest.

The hotel group consists of four of London's leading five star hotels: Claridges, the Savoy, the Connaught and Berkeley hotels.

Reports today claim that Quinlan Private headed off rival bidder, the fourth richest person in the world, Saudi Prince Alwaleed Bin Tala Assaud.

The transaction is expected to close on or before May 8. Quinlan Private said each hotel will retain its distinct identity.

The Savoy Group was acquired by Blackstone and Colony in 1998 for £520m (783.3m).