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Last Updated: Wednesday, 19 January, 2005, 18:37 GMT
Saudi investor picks up the Savoy
Savoy entrance
The Savoy joins Paris' George V in Prince Alwaleed's hotels portfolio
London's famous Savoy hotel has been sold to a group combining Saudi billionaire investor Prince Alwaleed bin Talal and a unit of HBOS bank.

Financial details of the deal, which includes the nearby Simpson's in the Strand restaurant, were not disclosed.

The seller - Irish-based property firm Quinlan Private - bought the Savoy along with the Berkeley, Claridge's and the Connaught for 750m last year.

Prince Alwaleed's hotel investments include the luxury George V in Paris.

He also has substantial stakes in Fairmont Hotels & Resorts, which will manage the Savoy and Simpson's in the Strand, and Four Seasons.

Fairmont said it planned to invest $48m (26m) in renovating parts of the Savoy including the River Room and suites with views over the River Thames.

Work was expected to be completed by summer 2006, Fairmont said.


SEE ALSO:
Saudi prince eyes up Savoy hotel
10 Sep 04 |  Business


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