Business Irish

Saturday 24 February 2018

London's Savoy may be back on market for 2005 price

Sale: London Savoy
Sale: London Savoy

Donal Buckley

London's Savoy Hotel may be back on the market with a price tag of £200m (€227m), the same price at which Irish property investment specialists Quinlan Private sold it for in 2005.

Saudi Arabian billionaire Prince Alwaleed (right) is reported to have put the trophy property back on the market despite spending around £100m (€113.6m) on its overhaul over the last 18 months.

It is due to re-open in the summer. The prince, who ranked 22nd in last year's 'Forbes' Rich List, also has stakes in EuroDisney, News Corporation and Songbird Estates, the owner of Canary Wharf.

London's landmark Savoy Hotel was part of the Quinlan Group's chain of upmarket hotels which it bought as the Savoy Group in 2004 for £750m.

Quinlan recouped a major part of the investment by selling on the 268-bedroom, five-star Savoy to Prince Alwaleed's Kingdom Hotels International and Bank of Scotland in 2005.

Quinlan still retains other hotels from the group including the Berkeley Hotel, Claridge's Hotel and Connaught Hotel.

It also owns a number of upmarket Four Season Hotels in Europe as well as the Jurys Inn chain in Ireland and the UK.

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