A consortium spearheaded by former Revenue inspector Mr Derek Quinlan was very close to agreeing a deal to buy London's Savoy Hotel group last night.
According to reports in London it appears the Irish consortium has managed to see off competition from a wealthy Saudi prince.
The hotel group consists of Claridges, the Savoy itself, the Connaught and Berkeley hotels. The properties are believed to be worth about £750 million sterling (over €1.14 billion).
Reports from London last night suggested Mr Quinlan's consortium had won the bidding war and that final legal details were being worked out.
Quinlan Private, the investment vehicle for various wealthy investors, is believed to be in a bidding war with Saudi prince Alwaleed Bin Tala Alsaud, who previously shot to fame when he took a 17 per cent stake in Euro Disney.
He is a member of the Saudi royal family and is active on the international diplomatic circuit. He is a well known figure in Washington and has met senior US figures like Mr Jimmy Carter and Mr Bill Clinton.
Despite the prince's wealth, according to sources the Quinlan group believes it is in "poll position" and that a deal could be concluded relatively soon. Quinlan Private has not disclosed the identities of the Irish investors in the Savoy bid.
The US investment firms, the Blackstone Group and Colony Capital, own the Savoy group. Initially their plan was to just sell off Claridges but the interest sparked by this sale surprised the companies and they decided to sell the whole chain.
While the timing of the sale has been questioned by some, the currently weak dollar is believed to make the transaction an attractive one for Blackstone and Colony. While security fears have affected corporate visits to London, the hotels are often described as "recession-proof".
Mr Quinlan was most recently in the news when former Ireland rugby international Mr Brendan Mullin sold his private clients' business, Powerscourt, to a company controlled by Mr Quinlan for close to €5 million.
Mr Quinlan also led the group of investors behind the Four Seasons Hotel in Ballsbridge, Dublin. These are believed to have included former attorney-general Mr Dermot Gleeson and property developer Mr Mark Kavanagh.
Quinlan Private was involved in advising investors to take stakes in the Four Seasons hotels in Milan, Budapest and Prague.
