London Hotel Chain Sells for $1.3 Billion

A group of Irish real estate investors has acquired a collection of four luxury hotels in London for $1.37 billion.

Dublin-based Quinland Private bought the chain from two private U.S. equity firms, joint owners Blackstone Group and Colony Capital. Included in the sale are the Connaught, the Berkeley, the Savoy and Claridge’s. The four hotels represent the upper echelon of London hotels: a penthouse room at Claridge’s, for example, costs more than $7,000 per night.

Quinlan is expanding its portfolio of luxury hotels throughout Europe. The sale is expected to close by early May.