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Savoy hotels to be sold for £800 mn: Report
London, Apr 04: US private equity firms Blackstone Group and Colony Capital are set to sell the world famous Savoy Group of hotels in London for up to £800 million ($1.48 billion), the Sunday Telegraph reported.
London, Apr 04: US private equity firms Blackstone Group and Colony Capital are set to sell the world famous Savoy Group of hotels in London for up to £800 million ($1.48 billion), the Sunday Telegraph reported.
Citing no sources, the newspaper said the two investment firms had been in negotiations for several weeks and an agreement was expected within days.
The newspaper said two potential buyers were Prince Alwaleed, a member of the Saudi royal family, and Derek Quinlan, an Irish investor. The upmarket Savoy Group has four exclusive London hotels: Claridge's, The Connaught, The Berkeley and The Savoy hotel itself.
Blackstone and Colony Capital bought the group for £520 million in 1998. Bureau Report
The newspaper said two potential buyers were Prince Alwaleed, a member of the Saudi royal family, and Derek Quinlan, an Irish investor. The upmarket Savoy Group has four exclusive London hotels: Claridge's, The Connaught, The Berkeley and The Savoy hotel itself.
Blackstone and Colony Capital bought the group for £520 million in 1998. Bureau Report