The Irish consortium that owns the Savoy luxury hotel chain in London has realised more than €10 million from the sale of the Savoy Theatre, which is situated on the river Thames opposite the Savoy Hotel.

Financier Derek Quinlan said that the theatre was "not a core property" for the consortium that acquired the hotel chain for €1.1 billion in April 2004.

Mr Quinlan is a member of the Irish consortium, in addition to Riverdance founder Moya Doherty, her husband John McColgan, Davy stockbroker Kyran McLaughlin, property developer Paddy McKillen and Manchester-born tycoon Peter Green.

The sale, for roughly £7 million (€10.19 million), to the Tulbart production company and the Ambassador theatre group is the second divestment since then.

The consortium realised some €300 million about a year ago when it sold the Savoy Hotel to a company controlled by Saudi Arabian billionaire, prince Alwaleed Bin Talal.

It retains owners of three central London hotels, the Berkeley, Claridges and the Connaught.

Mr Quinlan's company Quinlan Private said these hotels are being run as "long-term investments", although it is known that he would earn a £15 million "bonus" if the chain is sold.

He said in a statement the company was "pleased to have an opportunity to realise further value" for the consortium.

The theatre opened in 1881 and and the Savoy Hotel opened eight years later.

Both were funded almost exclusively by profits generated by Gilbert & Sullivan operettas.

The theatre reopened in 1993 after a refurbishment.