Qatar's Katara buys 50% of Savoy Hotel in London
World-famous hotel already 50%-owned by Prince Alwaleed's Kingdom Holding Company
The Savoy, the famous five-star London hotel popular with celebrities, is now 50% owned by Qatar's Katara Hospitality Company, it has been announced.
The Qatari government-owned company has bought a 50% stake from Lloyds Banking Group, with Saudi billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Company owning the remaining 50%, Kingdom said in a statement on Thursday.
It did not disclose the value of the transaction for the property, which is managed by Fairmont Hotels & Resorts.
The central London property, which first opened in 1889, was acquired by Kingdom and Lloyds unit Prestonfield in 2005 and underwent £230 million ($360 million) of renovation works between 2008 and 2010, during which time the 268-room hotel was closed.
Kingdom Holding, which is 95 percent owned by billionaire Prince Alwaleed, has a number of other hotel investments in its portfolio, including 48 percent of Canadian chain Four Seasons.
The hotel typically charges at least £365 a night for a basic room, according to its website.
Kingdom said in the statement that the latest transaction "further solidifies the strategic partnership between the Government of Qatar and Prince Alwaleed Bin Talal".
It added that it owns a 35% stake in Fairmont Raffles Holdings International Hotels Company in partnership with the Qatar Investment Authority (QIA).