An Irish consortium headed by former Revenue inspector Mr Derek Quinlan has agreed a deal to buy London's Savoy hotel group for £750 million sterling (over €1.14 billion).
The hotel group consists of Claridges, the Savoy, the Connaught and Berkeley hotels.
The consortium, Quinlan Private, saw off bids from Saudi prince Alwaleed Bin Tala Alsaud, who previously took a 17 per cent stake in Euro Disney. Quinlan Private has not disclosed the identities of the Irish investors in the Savoy bid.
The transaction will close on or before May 8th.
The Savoy Group was acquired by Blackstone and Colony in 1998 for £520 million sterling. In the five years since that acquisition, Blackstone and Colony have reinvested in improving and upgrading The Savoy Group hotels and restaurants.
Quinlan Private says each hotel in the group will retain its distinct identity. Quinlan Private chairman Mr Quinlan said his consortium's investment would respect the "iconic status" of the group.
Quinlan Private has over 140 assets, including commercial office blocks, shopping centres, car parks and hotels throughout Europe and North America.