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Times
5 hours ago
- Business
- Times
How Blackstone created a $100bn British empire
When Blackstone seized control of the Savoy Group in April 1998 it brought to a close one of the longest-running corporate sagas of the 1990s. The US raiders succeeded where a string of bidders, including Lord Forte, Sir Maxwell Joseph of Grand Metropolitan and Lord Matthews of Trafalgar House, had previously failed. The £520 million acquisition of the Savoy — along with Claridge's, the Connaught and the Berkeley as well as the Lygon Arms in the Cotswolds — also marked the start of a two-and-a-half-decade spending spree t in which Blackstone has built and acquired a string of businesses in the UK, ranging from holiday parks to data centres. In just over two decades the US firm has gone from a plucky outsider to one of Britain's top foreign investors, with more than $100 billion of UK investments that employ nearly 50,000 people. Britain is Blackstone's second biggest investment market in the world. The wider firm is also unrecognisable from the one that bought the Savoy in 1998. Founded with only £400,000, Blackstone now has a market value of $170 billion as it has ridden the boom in so-called alternative investments. The group manages more than $1.77 trillion of assets, up from only $8.4 billion in 1998, across multiple divisions including private equity, real estate, hedge funds and credit. Globally it owns almost 250 companies, which employ almost 700,000 people, and the group lends to a further 4,900 companies. Its UK office — which doubles as its European headquarters — employs 650 people. On Tuesday night the great and the good of the corporate and political worlds will gather at Spencer House, a grade I listed town house in St James's, to mark the 25th anniversary of Blackstone opening its first London office in 2000. Jon Gray, now Blackstone's president and chief operating officer, worked on the Savoy bid back in 1998. 'I was a kid who hadn't spent time in Europe — other than my honeymoon to Italy — and I was in the middle of this public takeover,' he said. 'It was very exciting. I learnt a ton and I fell in love with London and the UK in the process. My affection for the place has only grown over time.' Lionel Assant, who now leads the firm's private equity investments in Europe, was one of the first dealmakers employed in the London office. He was on track to become a partner at Goldman Sachs when he left for Blackstone in 2003. When he called his father to share the news, he was met with some confusion. Assant said: 'I had to repeat it a few times and he asked, 'Why would you leave Goldman? You are going to be a partner one day there'.' Blackstone's operations at the time comprised only a handful of private equity dealmakers and a total team of about 40 people. The Savoy Hotel deal marked a run of successes MIKE KEMP/IN PICTURES VIA GETTY IMAGES Assant said: 'We didn't have a debt capital markets team or a general counsel helping us on deals. We didn't have an operating team. That is one of our key selling points to management teams and our investors today. 'At that time, there were about three of us doing everything. You would get your bag, put yourself on the Eurostar or the first British Airways plane to Madrid, Frankfurt, or wherever and you would schlep around to convince management teams: we're the right party.' The group's early deals in Britain included its purchase of Cineworld for £120 million in 2004, which it floated on the London Stock Exchange three years later at a valuation of £240 million, and the acquisition in 2006 of United Biscuits, the owner of McVitie's and Hula Hoops, from its three owners, Cinven, MidOcean Partners and PAI Partners. The year after the Cineworld deal, Blackstone acquired Merlin, then owner of the London Dungeon. Stephen Schwarzman, co-founder and chief executive of Blackstone, now describes it as one of his favourite UK deals, although at the time he took some persuading. With a value of only £85 million Schwarzman (and the investment committee) thought the deal was too small, but Joseph Baratta, then a senior managing director, was convinced that Nick Varney, who had led a management buyout of the business, had the skills to build a global business. 'We almost didn't do it because of the size, but I remember giving up and saying, 'OK if that makes you happy, go ahead and buy it',' Schwarzman said. Varney and Blackstone built the business into the second-largest theme park company in the world, before floating it in 2013 (and then buying the business back in 2019). Leisure has proved a fruitful sector for Blackstone. Bourne Leisure, the owner of Butlin's, also became an obsession for Baratta, now the firm's global head of private equity, who moved to London to help set up Blackstone's operations in Europe in 2001. Baratta was tireless in his efforts to buy the company from its three founding families, who had built out the business from a single caravan park in Whitstable in 1964. Assant stayed at the group's caravan parks with his family as part of a wider charm offensive by the investment firm to try to persuade the Harris, Cook and Allen families to sell the business, but they could not be convinced to give up the business. Yet, Baratta's persistence paid off when the Covid-19 pandemic struck, and the families called Blackstone to ask if they were interested in doing a deal. Blackstone's team were convinced that the leisure sector would see a huge uplift in demand when the economy reopened and they acquired the business, with the families retaining a minority stake. Assant said: 'We bought exceptional assets at the right point in time with real estate backing — the business owned 100 per cent of its freeholds. We tripled the capital expenditure and what we were hoping would happen did happen: when the government reopened the gates on the economy, people were flooding back into leisure, travel and events businesses. 'You don't stumble across assets by mistake. You identify the themes, the sectors and the assets that you like and it's a story of tough love. I don't think we would have gotten the call if we hadn't been close to that asset for such a long time.' Over the past two decades, the investment firm's property deals in the UK and Europe have ranked as some of its most ambitious, with the company expanding into rental homes, affordable housing and logistical warehouses. It is working on plans to build a £10 billion data centre in Northumberland at present. Its affordable housing business — formed in 2017 — owns 22,000 homes. • Blackstone takes full control of £2bn railway arches portfolio Initially led by Kenneth Caplan, who now leads the firm's real estate investments globally, Blackstone made its ambitions in real estate clear with the £1.1 billion purchase of the Broadgate office complex in Liverpool Street in 2009. Gray described that deal as one of Blackstone's best UK investments. 'Sentiment had turned so negative around financial services in London,' he said. James Seppala, who now leads the firm's real estate investments in Europe, said: 'Blackstone was a well-known private equity firm at the time, but it wasn't anywhere close to as established on the real estate side in Europe as it was elsewhere. The team was probably 30 people, and you're at around 120 people now.' For Gray the anniversary isn't just a moment to look back and say: 'Hey, look at how far we've come … it's also a moment to say, hey, we're committed and we're going to do a lot more going forward.'
The Independent
25-02-2025
- The Independent
Sublime ideas for your next family holiday
Family holidays are a uniquely precious time. An opportunity to make memories, shrug off the stresses of everyday life and get together for some vital rest and recuperation. But where to book? Here's a top-drawer selection of ideas to inspire your next trip with the family, so you can focus on hanging out with the ones who truly matter. Treat the tribe to summer sun in Cyprus Situated halfway between the cultural hub of Paphos and the lively city of Limassol, Columbia Beach Resort is a luxurious five-star all-suite haven, ideal for little ones. With easy access to the island's top archaeological and historical sites, it's an ideal base for both relaxation and getting out there. On site, the resort boasts two swimming pools, pretty gardens, an award-winning spa, family-friendly restaurants, a kids' club and legendary five-star service. With 169 spacious suites, including Junior, Executive and Cape Suites, as well as one- or two-bedroom Family Suites, there's something to suit everyone. The exclusive Eagle's Nest Suites — two of which feature private plunge pools — are the ultimate in comfort and serenity. In the mood for a proper chill? The resort's Hébe Spa offers a tranquil escape, with six treatment rooms, relaxation areas, a whirlpool bath and an indoor pool. Keen to stay in shape? There's a fully equipped gym and fitness studio, offering regular classes and personal training sessions. The Savoy Group of hotels has set out to challenge the way you think about luxury in the Egyptian beach resort of Sharm el-Sheikh. Each hotel is its own distinctive spot, alongside the thriving entertainment complex of Soho Square with its famous dancing fountain, high-end retail stores and dizzying profusion of restaurants and bars. Each hotel caters to a different kind of traveller — The Royal Savoy is an exclusive, adults-only retreat for couples seeking peace and tranquillity. Families can choose between private villas with private pools and the friendly vibes of Savoy, Sierra and Grand Oasis. SOHO Square in Sharm El Sheikh is the largest entertainment hub in the city, offering a vibrant mix of shopping, dining, and entertainment. Enjoy trendy bars and 14 different cuisines, the Dancing Fountain and the Khan El Khalili bazaar. Family-friendly fun includes a Kids' Zone, bowling, ice skating, and more. With free Wi-Fi and a shuttle service, Soho Square offers something for everyone, including lively lounges and weekly parties at Soho House. Power your family break with confidence Jackery, founded in California in 2012, is the world's leading innovative portable power and green outdoor energy solution provider. The company's E2000 v2 is the ultimate versatile portable power station for family travel and outdoor adventures. With a 2040Wh capacity and 2200W output, it can power up everything from kitchen appliances to sensitive electronics. Thanks to innovative CTB Structure Technology — favourited by Tesla in the EV industry — it's one of the lightest and most compact power stations in its class, perfect for saving space in your car. Stay powered up with ultra-fast charging, reaching 80% in just 52 minutes via flash mode. Multiple ports, including AC, USB-C, USB-A and a carport, make it easy to connect all your family's devices. afety comes first with a durable LPF battery, ChargeShield 2.0™ protection and full EU-certified standards. So, your next camping, fishing or hiking trip can stay lit. Crete is a famously dreamy destination for families. And two standout resorts, Creta Palace and Grecotel Marine Palace & Aqua Park, offer dazzling experiences blending luxury, fun and authentic Cretan charm. Creta Palace near Rethymno is a Mediterranean haven with lush gardens, beachfront access and stays ranging from family-friendly bungalows to luxury villas with private pools. Its Blue Flag beach and Grecoland Kids' Club provide endless entertainment for children, while parents can chill at the Elixir Beauty Spa or enjoy top food, which has been locally sourced. Unique cultural activities such as 'Farmer for the Day' at Agreco Farm introduce families to Crete's traditions. Grecotel Marine Palace in Panormo has a recently revamped design and the thrilling Aqua Park, Kingdom of Poseidon, with slides and splash zones for all ages. Spacious places to stay, sports facilities and authentic dining experiences like Agreco Farm ensure fun and a glimpse into tradition. Both resorts showcase Crete's rich history, lovely landscapes and warm hospitality. Have a carefree time on Kos Enjoy the best of upscale all-inclusive and chic beachfront vibes at Grecotel LUXME Kos. Set amid vast, lush tropical gardens and lagoons, it's part of the exclusive LUXME® (Luxury Made Easy®) collection. The resort is all about effortless indulgence, blending smart contemporary design with exquisite natural glories. Guests can enjoy elegant accommodation, from bright guestrooms to secluded bungalows and opulent villas, all with outstanding sea views. The resort's six diverse restaurants are out of this world, including premium dining experiences, a la carte options and exclusive wines. Relaxation takes centre stage at the Elixir Spa, a calming space with rejuvenating treatments and tranquil indoor pools. For added plush points, private beachside dining and tailored activities guarantee the full bespoke experience. Perfect for families, LUXME Kos delivers refined service and Greek hospitality in a gorgeous, serene setting. Hit the slides in Corfu Grecotel LUXME Costa Botanica on Corfu is a playful, nature-filled haven for families. With more than 85 acres of gardens, peaceful canals and over half a mile of pristine beach, the resort combines adventure with laid-back charm. Places to sleep range from village-style country houses to summer homes by the pool, all designed with earthy tones and airy spaces for maximum comfort. The grand Aqua Park steals the show with high-speed slides such as the Space Bowl and Kamikaze — although there's the Lazy River if that all sounds like a bit much. Meanwhile, kids can explore Corfu's flora in the Botanists Lab, meet donkeys at the mini zoo, or cook with local ingredients. For adults, there's the Elixir Botanical Spa, wine-tastings at Cava Bottega, and top bites spanning Greek to Asian cusine across 10 alluring restaurants. Discover eco-luxury redefined in the heart of the Maldives Nestled on the private natural island of Furanafushi, just 15 minutes by speedboat from Velana International Airport, Sheraton Maldives Full Moon Resort & Spa is a premier family resort in the Maldives that seamlessly combines luxury with sustainability. It features spacious beach and overwater villas, many with private pools and direct lagoon access — perfect for a dream family getaway. Unwind at the award-winning Shine Spa, located on its own tranquil island, while younger guests can enjoy fun-filled activities at the Sheraton Side by Side Family Program. Culinary experiences are equally extraordinary, with seven restaurants and bars offering global Flavors, destination dining and fresh seafood under the stars. Adventure awaits in the turquoise waters — snorkel, dive, or enjoy thrilling water sports. Guests can also support marine conservation by joining the 'Adopt a Coral' program, actively contributing to reef restoration. Whether seeking family fun, relaxation, or eco-conscious experiences, Sheraton Maldives Full Moon Resort & Spa delivers an unforgettable escape. Dreaming of a rejuvenating adults-only Mediterranean escape? El Vicenç de la Mar, a boutique hotel in stunning Cala Sant Vicenç, Mallorca, offers just that. With its modern Mediterranean design, the hotel features 35 lavish rooms, all with breathtaking views of the bay of Cala Molins. Indulge in exclusive amenities, including private pools, swim-up pools and whirlpool baths. Relax on the rooftop with a pool, solarium and designer hammocks while enjoying panoramic views of the crystal-clear waters and Serra de Tramuntana mountains. Gastronomy takes centre stage with Michelin-starred chef Santi Taura's U Mayol and U Vicenç, serving Mediterranean-inspired dishes. For wellness enthusiasts, take advantage of the state-of-the-art spa, gym and cycling centre. After a day of swimming, lounging and working out, unwind in the cinema room or enjoy a peaceful evening in the library. Find the perfect luxury villa in Croatia Croatia's leading travel agency, My Luxoria specialises in renting exclusive villas and houses with swimming pools, primarily catering to family guests. With over 1000 villas in its portfolio, My Luxoria attracts 40,000 high-paying guests annually from around the world. Whether you're looking for stunning views, gym and sauna facilities or unmatched design, My Luxoria can match you to your perfect villa. For example, Villa Bevel is a stunning hilltop villa in the Pelješac archipelago, ideal for eight guests. Villa Zatonka, a romantic one-storey villa with four bedrooms, offers a refined luxury feel. Spanning Villa Malibu Imperial spans 2,100 m² with 28 bedrooms, accommodating up to 56 guests. Villa Vista Al Mar, a contemporary villa in Makarska, is ideal for family stays close to the sea. While the brand-new, modern Villa Vespera with breathtaking Adriatic views, offers the perfect place to relax and unwind in pristine surroundings. Receive €100 off on any reservation made with a minimum amount of €2,500 with code OFFER10 at Offer valid until 31 March 2025. Craft an unforgettable bespoke holiday Struggling to find the perfect getaway that suits the whole family's needs? At A&G Travel Group, holidays are personal. The team understands that each traveller has unique preferences, and it's dedicated to creating tailor-made experiences. Whether you'll be relaxing on pristine beaches or exploring vibrant cities, A&G's experts hand-pick destinations and accommodation to curate your ideal balance of luxury, relaxation and adventure. With seamless planning and unmatched attention to detail, the team ensures every trip is extraordinary. From custom itineraries to exceptional service, a dedicated travel expert is with you every step of the way, helping to craft the perfect holiday and create unforgettable memories that will last a lifetime. For corporate needs, A&G also specialises in stress-free solutions for busy professionals, ensuring smooth and efficient travel arrangements. Receive £100 off your first booking with code FAM25 at or contact via email here. T&Cs apply. Discover the pure joy of sailing If you're dreaming of setting sail across the sea, why not make it a family affair? With over 15,000 exceptional boats for hire worldwide, Boatsy offers the world's 100 best sailing itineraries, each carefully crafted in every detail to suit various holiday styles and expectations. Whether you dream of island-hopping in Greece, indulging in culinary experiences along the Amalfi Coast, or enjoying crystal-clear waters and vibrant parties in the Balearics, an expert concierge team will find the perfect crewed boat — no sailing experience required. Simply share your travel preferences, and Boatsy will match you with the ideal itinerary and boat — leaving you free to relax, unwind and enjoy the ultimate sailing experience. To explore the best itineraries and receive a complimentary concierge consultation for the best boats and prices.
Arab News
24-02-2025
- Business
- Arab News
Surge in Saudi tourism to Egypt signals growing demand
The influx of Saudi tourists to Egypt has seen a significant rise, reinforcing the country's status as a premier travel destination for Saudi visitors. According to an Almosafer travel trends report, Saudi Arabia ranks among Egypt's top three source markets, highlighting a growing preference for luxury experiences, particularly in world-renowned resort destinations like Sharm El-Sheikh. In 2024, Egypt welcomed a record-breaking 15.78 million international tourists, with Saudi Arabia playing a pivotal role in this surge. Saudi visitor arrivals increased by 25 percent year on year, reflecting both the country's growing outbound tourism and Egypt's continued appeal as a favored travel hub. Spending patterns among Saudi travelers further highlight their economic contribution. In 2024, Saudi tourists spent an estimated SR5.6 billion ($1.5 billion) in Egypt. With Saudi visitors spending an average of $300 per day, the hospitality sector, particularly five-star resorts, continue to benefit from high-value Saudi tourism. As international travel preferences evolve, Saudi tourists are increasingly opting for premium accommodations that offer exclusivity, privacy, and high-end services. This shift has led to a growing demand for five-star hotels and resorts such as Savoy Group's portfolio across Egypt's top destinations. In December 2024, hotel occupancy rates across Egypt averaged 69 percent, marking a 25 percent increase from the previous year. In major resort areas, occupancy exceeded 75 percent, reflecting the heightened demand for upscale hospitality experiences. Savoy Group operates a collection of award-winning resorts in Sharm El-Sheikh. With a deep understanding of Gulf travelers' expectations, Savoy Group offers a tailored luxury experience, featuring private villas, premium suites, and world-class entertainment at Soho Square, the region's premier leisure hub. For guests seeking the highest level of privacy and exclusivity, Royal Savoy Villas provide an unparalleled stay with private pools, personal butler services, and breathtaking views of White Knight Beach. The broader Savoy portfolio, including Savoy Hotel and Sierra Sharm El-Sheikh, caters to families and couples alike, offering a blend of refined comfort, leisure activities, and fine dining. Beyond its world-class accommodations, Savoy Group enhances the Saudi travel experience with a variety of cultural and entertainment offerings. Soho Square, a landmark entertainment district, provides shopping, gourmet dining, and family-friendly attractions, making it a central part of Sharm El-Sheikh's tourism appeal. With halal-certified dining options, family-oriented facilities, and a commitment to Arabian hospitality, Savoy Group continues to be a preferred choice for Saudi travelers. With the sustained rise in Saudi arrivals and their preference for premium stays, Egypt's luxury hospitality sector, led by brands like Savoy Group, is poised for further expansion, catering to the evolving needs of high-spending travelers from the Kingdom and the wider region.
