Canadian hotel group Fairmont Hotels & Resorts will take over management of London's Savoy hotel in January next year if the sale of the property to Saudi billionaire Prince Alwaleed bin Talal and the Bank of Scotland goes ahead.
Quinlan Group, which bought the four-strong Savoy Group from US investment company Blackstone earlier this year for £750m, announced last week that it was in talks with Alwaleed to sell the famous hotel and the Simpson's-in-the-Strand restaurant. Alwaleed is understood to be bidding about £200m for the two businesses. The hotel, which would be Fairmont's first property in Europe, will undergo a $48m (£27m) refurbishment.
- Quinlan Group has emerged as the fourth bidder to take control of Wentworth golf club in Surrey. Hotelier Surinder Arora, retailer Richard Caring and Irish billionaire Sean Quinn are also battling to take over the club.