Saturday, 7th November 2009

 

5 January 2009 - Tara Loader Wilkinson

Claridge's owner seeks backing for Dubai launch

Property tycoon Derek Quinlan is seeking to brush off the UK downturn by looking for investors to launch his luxury hotel chain, which includes London hotel Claridge's, in Dubai.

Quinlan is seeking financing for an international launch of the Maybourne Hotel Group in "gateway cities" like Dubai, Paris and New York.

Dubai is already home to the world's only seven star hotel, the Burj Al Arab. The first ever Armani hotel is expected to open in the first quarter of next year.

Quinlan bought Maybourne, then called the Savoy Group, in 2004 for £750m ($1.1bn).

In 2005 he sold the Savoy, one of London's most prestigious hotels, for £230m to Prince Al-Waleed bin Talal bin Abdul Aziz Al Saud.

Tags: Claridge's , Derek Quinlan , Prince Al-Waleed bin Talal

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