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Will London's Savoy Become An Orphan?

Go To The Hotel's Web 
  Site Where: 1 Savoy Hill, The Strand, London, United Kingdom, WC2R 0EU
April 20, 2009 at 2:48 PM | by juliab | 1 Comment

It hasn't even started accepting its first post-renovation guests yet, but London's grand Savoy may already be in trouble. The 120-year-old hotel is currently nearing the end of a £100m refurbishment; its doors were on track to reopen after 18 months at the end of the summer.

Except now we're wondering: will it? Because apparently, the owner's in deep doodah. Prince Alwaleed of Saudi Arabia (because it's only fitting that a royal should own an institution like the Savoy, right?) has seen his wealth slashed from nearly £15 billion last year to just £9 billion this year. He's already sold off his stake in the Hotel des Bergues in Geneva, and now there are rumors of some shakeups with his other assets, like Raffles in Singapore and the Savoy as well.

If he did sell the place, he'd get about £200 million to fill his pockets, which should tide him over for a little bit. Wonder who’d be up for filling his shoes, though?

1 Comment

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  1. PatrickNeal

    HotelChatter Member

    oops

    that's what happens when you do a remodel during a recession!
    April 20, 2009 at 2:55 PM

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