Quinlan Private, a leading
international property investment and advisory group, confirms that it is
in discussions with a company associated with HRH Prince Alwaleed bin
Talal Abdulaziz al Saud and Bank of Scotland Corporate, part of the HBOS
group, regarding the sale of The Savoy hotel and Simpson’s-in-the-Strand
restaurant. A group of investors led and advised by Quinlan Private acquired the hotel
and restaurant when it bought The Savoy Group in May 2004. The other
assets of the group (i.e. The Berkeley, The Connaught, Claridge’s and The
Savoy Theatre) are not the subject of any discussions and will remain
under current management within the Quinlan Private portfolio.

Prince Alwaleed and Bank of Scotland have advised Quinlan Private that, if
they acquire The Savoy and Simpson’s-in-the-Strand, they expect to appoint
Fairmont Hotels & Resorts to manage the hotel. Fairmont, which is
headquartered in Toronto, Canada, is one of the world’s leading operators
of luxury hotels.

Derek Quinlan, Chairman of Quinlan Private, said: “The Savoy Group has
performed exceptionally well since our acquisition and has exceeded our
expectations. However, the potential to sell The Savoy itself presents a
logical opportunity to make an immediate return on our initial investment
and allow us to focus on the development of the other hotels in the group.”
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