Prince Alwaleed Inspects London’s Savoy Hotel (United Kingdom)
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Prince Alwaleed Inspects London’s Savoy Hotel (United Kingdom)
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Category: Europe - United Kingdom - Industry economy
vRenovation / Addition
This is a press release selected by our editorial committee and published online for free on 2010-06-08
US$800 Million Total Cost of Purchase & Renovation
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding Company (KHC), was on a recent visit to London to tour one of KHC’s major investments in the UK, The Savoy hotel. The Prince was accompanied by a delegation from KHC.
During the tour, the Prince was updated about the renovation status and the future re-launch plan for the hotel. The Savoy, London’s most iconic and historic luxury hotel which is currently undergoing a renovation, is scheduled to re-open in the near future and will be managed by Fairmont and, is 50% owned by KHC with a total cost of US$800 million for the purchase and renovation. The 268 room hotel is considered a landmark and opened in 1889.
The Prince conducted a number of business meetings at the Savoy:
1) Meeting with Mr. William Fatt, CEO of Fairmont Raffles Hotels and Resorts
2) Mr. Andy Cumming, Senior Sanctioning Director, International Banking, Lloyds Banking Group
3) Mr. Alberto Verme, CEO, Europe, Middle East and Africa, Citigroup
Fairmont Raffles is an integral component of KHC’s diverse hotel portfolio. Recently in 2010, KHC announced an US$847 Million Transaction with Qatari Diar involving Fairmont Raffles Holdings International. Under the agreements, Voyager has acquired for a combination of cash and other consideration a 40% shareholding in FRHI. In addition, QDHP has undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel. In 2006, Kingdom and Colony completed the acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group.
Prince Alwaleed through KHC has a number of investments in the United Kingdom including Canary Warf in the real estate sector and Citigroup in the financial sector.
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