Private equity firm, Quinlan Private, has sold London's Savoy Hotel and Simpson's in the Strand restaurant to a company backed by Saudi billionaire Prince Alwaleed bin Talal.
The prince said in September his Kingdom Holding Company and a corporate banking arm of HBOS plc, Bank of Scotland Corporate, were in talks to buy the hotel for $400 million.
Quinlan declined to give the final price of the sale.
"The remaining properties in the Savoy Group - The Berkeley, Claridge's and The Connaught, together with the Savoy Theatre - will continue under the current ownership of QP," Quinal Private said in a statement.
Quinlan, which owns hotels in Milan, Budapest and Prague, as well as office blocks and shopping centres, bought the newly-refurbished Savoy Group in April for £750 million ($1.41 billion). It will unveil its strategy for the Savoy Group, which will be renamed, on January 24th.