Saudi prince stalks Savoy hotel and Simpson's
Friday 10 September 2004
The Saudi billionaire Prince Alwaleed bin Talal is in negotiations to buy London's world famous Savoy hotel and adjacent restaurant Simpson's from the Irish investment firm Quinlan Private, it emerged yesterday.
The news comes just five months after the Prince lost out to Quinlan in the battle for control of Savoy Group, which along with The Savoy and Simpson's owns Claridges, The Berkeley and The Connaught hotels.
Although Prince Alwaleed is believed to be keen to buy the whole portfolio, for which Quinlan paid £750m in April, the Irish investment firm is only interested in the possible sale of The Savoy and Simpson's. At the time of Quinlan's purchase, the restaurant and hotel were valued at £200m but analysts believe the Saudi businessman, who has joined forces with an arm of the HBOS group, will have to pay more if his bid is to be successful.
This should not be a problem for a man estimated to be worth about £12bn. Referred to as "the Warren Buffett of Saudi Arabia", his initial wealth came via inheritance. He is the nephew of King Fahd, and his assets have grown through a series of shrewd investments, the most successful of which has been his holding in the US banking giant Citigroup. In the hotels arena, he owns large stakes in the Four Seasons chain and the Plaza hotel, New York.
Derek Quinlan, the head of Quinlan Private, is from more humble beginnings. The former Dublin tax inspector has built up the investment company since 1989.Yesterday he said: "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 other hotels in the group."
The 263-room Savoy hotel was built in 1889 by Richard D'Oyly Carte, the founder of the Gilbert and Sullivan opera company, and has been the subject of many takeover battles.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 Syrian refugee child beaten by Istanbul Burger King manager for eating customer’s leftover food
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Winston Churchill: From accusations of anti-Semitism to the blunt refusal that led to the deaths of millions
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...