Derek Quinlan, an Irish property investor who raises his money from wealthy individuals, has won an auction to buy The Savoy Group of four UK hotels for £750m (€1.1bn).

Quinlan Private, the Dublin-based property group, is understood to have fought off competition from, among others, the billionaire Prince Alwaleed. The Savoy Group includes The Savoy, Claridge's, The Connaught and The Berkeley.