22.01.05
London's famous hotel the Savoy has been bought by a venture capital company owned by HBoS, Fairmont and Prince Alwaleed bin Talal.
Canadian hotel chain Fairmont has officially taken over management of the Savoy in London, following the historic property’s sale by Quinlan to the Kingdom Hotels International for around £250 million.
The 263-room hotel will still be referred to as The Savoy although its full name will be The Savoy, A Fairmont Hotel. The deal also includes the famous Simpson’s-in-the-Strand restaurant.
The new owners of the Savoy have earmarked £26 million for much needed renovations to the hotel to restore it to its former glory, with priority going to the function areas and river-view suites.
Kingdom Hotels International was set up before Christmas with £800 million to spend on luxury hotels. It is 50% owned by Bank of Scotland Corporate, 25% by Fairmont and 25% by Kingdom, a family trust owned and run by Prince Alwaleed bin Talal. Fairmont will operate all the hotels purchased by the company.
Irish group Quinlan had acquired the Savoy when it picked up the Savoy Group for £750 million in earlier in the year. Financial terms of the sale have not been disclosed, with various sources putting the price at £200 million - £230 million, while a Quinlan source says it was £230 - £250 million.
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