LONDON, 11 September 2004 — Prince Alwaleed ibn Talal is in talks to buy the Savoy, the landmark London hotel overlooking the Thames, one of the group’s joint owners announced.
Alwaleed, whose personal fortune includes stakes in Citigroup and Canary Wharf, is acting jointly with Bank of Scotland Corporate, part of the HBOS banking group, Quinlan Private said in a statement.
“Quinlan Private... confirms that it is in discussions with a company associated with Prince Alwaleed ibn Talal and Bank of Scotland Corporate, part of the HBOS group, regarding the sale of the Savoy hotel and Simpson’s-in-the-Strand restaurant,” the statement read.
“Prince Alwaleed and Bank of Scotland have advised Quinlan Private that, if they acquire The Savoy and Simpson’s-in-the-Strand, they expect to appoint (Canada’s) Fairmont Hotels and Resorts to manage the hotel.” The talks do not cover other properties in the Savoy Group.
A group of investors led by Quinlan Private acquired the hotel and restaurant when it bought the Savoy Group in May 2004. Alwaleed is understood to have been interested in buying the business on that occasion too.
Derek Quinlan, a former Dublin tax inspector and chairman of Quinlan Private, said: “The Savoy Group has performed exceptionally well since our acquisition and has exceeded our expectations.
“However, the potential to sell the Savoy itself presents a logical opportunity to make an immediate return on our initial investment and allow us to focus on the development of the other hotels in the group.”
