Sean Quinn’s advance on Moscow

For two infamous historic leaders, the Russian capital was a step to far. But the Irish have stamped all over Europe in a buying frenzy and Moscow is no exception.

Now Fermanagh-born billionaire Sean Quinn has set his sights on city’s Radisson SAS Slavyanskaya hotel, which is expected to fetch between $240m and $280m (€165m and €193m).

If successful, the acquisition would be publicity-shy Quinn’s first hotel acquisition in Moscow (he also owns an office block in the Kutuzoff quarter), and will add to a string of high-profile hotel properties he already owns in Eastern Europe. His group paid €145m in 2004 to buy the Hilton hotel and Ibis Karlin in Prague. He also has hotel interests in Ireland, while last April it emerged he was planning a €300m revamp of the prestigious Belfry golf course in England, a trophy asset which he acquired in 2005 for €272m. Quinn had previously lost out on a bid to buy the Wentworth golf course.

Quinn has extensive interests in a number of areas including energy production, radiator manufacture, cement, glass manufacturing, and insurance. Earlier this year he stepped in to buy Bupa’s Irish health insurance business for €150m.

He is also understood to have built up a sizeable stake in Anglo Irish Bank via contracts for difference – as much as 12% - but could have taken a bath on his investment to date. The bank’s shares reached a high of €20.70 during the summer, but had plummeted to €11.13 by the close of business on Friday 2 November. Quinn’s hit may not be so bad however, as he has been stakebuilding since late last year, when the shareprice was hovering around €14.00. Because his stake was accumulated via CFDs, it's also possible that he has even already sold it and netted a profit, without anyone ever knowing.

Quinn is also planning to construct two major power stations – one in Louth, the other in Galway, at a cost of more than €1bn. The schemes are currently progressing through the planning process.

The Radisson SAS Slavyanskaya is 50% owned by Moscow city’s property department, with the remainder held by American Radisson.

The hotel is reported to have made a profit last year of 469.5m roubles (€13.1m) from sales of 1.67bn roubles (€46m).

Sean Quinn’s side of the deal is being handled by Dolmen corporate finance.

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