Six years ago Derek Quinlan, the former tax inspector from Dublin, outbid one of the richest men in the world, Prince Alwaleed bin Talal.
Quinlan and his partners bought a clutch of London’s smartest hotels — the Savoy, Claridge’s, Berkeley and Connaught — for £750m, outflanking the Saudi billionaire. It was a deal that epitomised the era of easy money.
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