Kingdom completes refinancing of London's Savoy

Kingdom Holding, the investment firm controlled by Saudi Arabia’s Prince Alwaleed bin Talal, has completed its refinancing of London’s iconic Savoy hotel.

In a statement, Kingdom said that French lender Credit Agricole and Germany’s DekaBank have jointly provided a £200m senior facility, with the property’s co-owner Prestonfield continuing to provide mezzanine financing.

The central London property, which first opened in 1889 is 50-50 owned by Riyadh-based Kingdom Holding and Prestonfield, an entity controlled by the UK’s Lloyds Banking Group. Kingdom Holding says that the hotel is worth in excess of £600m.

The Savoy was acquired by Kingdom and Prestonfield in 2005 and underwent £230m 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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi riyal peg pressure eases, but not gone

Saudi riyal peg pressure eases, but not gone

Volatile energy swings mean the currency remains vulnerable,...

The Gulf's sovereign dilemma

The Gulf's sovereign dilemma

With oil prices still faltering around their lowest level in...

Gulf's bond market thaws as panic over oil fades

Gulf's bond market thaws as panic over oil fades

Improved sentiment seen in the response to a $500m, five-year...

Most Discussed
sponsoredTracking