A deal which will see one of London’s landmark hotels – The Savoy – taken over by a Saudi prince will be completed by the end of this week.

Quinlan Private, the Irish property investment company which owns the Savoy Group of hotels, has agreed to sell the 263-room hotel to Prince Alwaleed Bin Talal for around £240m.

Quinlan took over ownership of the hotel in April 2004 when it acquired the Savoy Group for £750m as part of a portfolio that also included Claridge’s, The Berkeley and The Connaught hotels.

Derek Quinlan, chair, said: “The potential to sell The Savoy presents a logical opportunity to make an immediate return on our initial investment and allows us to focus on the development of the other hotels in the group.”