A group of investors led by Quinlan Private, a major international property investment and advisory group, has agreed to acquire The Savoy Group from The Blackstone Group and Colony Capital LLC for GBP750 million or approximately US$1.37 billion.
The transaction will close on or before May 8, the companies said.
“We are delighted to announce an agreement to acquire The Savoy Group. Our investment will respect the iconic status of the Group,” said Derek Quinlan, Chairman of Quinlan Private. “The acquisition provides Quinlan Private with a unique opportunity to extend its hotel portfolio and use its experience and resources to enhance the international standing of the hotels comprising The Savoy Group.”
Following the acquisition, Quinlan Private said it looks forward to working with the management team of The Savoy Group and each hotel will retain its distinct identity, it said.
The Savoy Group was acquired by Blackstone and Colony in 1998 for GBP520 million. In the five years since that acquisition, Blackstone and Colony have re-invested in improving and upgrading The Savoy Group hotels and restaurants.