Say goodbye to the Savoy?

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World-class: the Savoy Hotel has three lounges and five restaurants, such as The Banquette which caters to informal meetings.

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Saudi Arabia's Prince Alwaleed is a man who likes taking risks - and they almost always pay off. The fact he is the world's richest Arab and one of the world's most successful businessmen ever is proof of that.

So in terms of cash, deciding to renovate the Savoy in London - part of his Fairmont Hotels empire - for US$200m - is small fry. But the effects and consequences could be huge. It is one of the oldest hotels in the world, having built its reputation of elegance, discretion and tradition.

Celebrities, superstars, world leaders and business leaders have all stayed here. They love it. But this December it will shut down for over a year as it undergoes a total transformation. When it reopens, the Savoy is set to have a new modern look and feel.

According to Kiaran MacDonald, General Manager of The Savoy, extensive planning has gone in to The Savoy project. "For us, the most important thing was to honour the Art Déco heritage and traditional English design of the hotel, while upgrading the property to meet the expectations of today's most discerning guests. When The Savoy reopens we hope to set new British standards for excellence in design, déco and personalised service."

The period when the hotel will not be open for guests is currently anticipated at approximately sixteen months. "It was a difficult decision to cease taking reservations at the hotel, but we could not envisage disrupting our guests on a daily basis", said MacDonald. "A project of this scope could take much longer if the hotel was left open and we wish to stick to a rigorous schedule in order to reopen as quickly as possible. We are confident that our loyal guests, many of whom have a strong attachment to the hotel, will be pleased with the results."

Fairmont Hotels & Resorts, the company which currently owns and manages some of the most historic hotels in the world, has chosen designer Pierre-Yves Rochon for The Savoy project. Rochon was chosen for his creativity and proven expertise with luxury hotels throughout North and South America, Asia, the Middle East and Europe.

Throughout the period of the closure, The Savoy will remain in regular contact with valued guests, event organisers and travel intermediaries regarding the progress on the restoration programme.

They need them to come back, or the US$200m investment will not be recouped.

As for Savoy regulars, there are just over three months left for a chance to sample one of the world's most famous hotels.

The Savoy opened its doors to an eager public in 1889, the brainchild of the Gilbert and Sullivan impresario Richard D'Oyly Carte. Built on the site of a former palace, the hotel took five years and vast expense to complete and incorporated unheard of features, including full electric lighting and what for the time was a startling number of baths: 67 in total.

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