By Andy Sambidge
Hospitality company is now joint owner of world famous property with Saudi billionaire Prince Alwaleed
The Savoy, the famous five-star London hotel popular with celebrities, is now 50 percent owned by Qatar's Katara Hospitality Company, it has been announced.
The Qatari government-owned company has bought a 50 percent stake from Lloyds Banking Group, with Saudi billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Company owning the remaining 50 percent, Kingdom said in a statement on Thursday.
It did not disclose the value of the transaction.
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 percent stake in Fairmont Raffles Holdings International Hotels Company in partnership with the Qatar Investment Authority (QIA).For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.