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.
The Savoy joins Paris' George V in Prince Alwaleed's hotels portfolio
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.