Qatari State Fund Buys Lloyds’s 50% Stake in London Savoy Hotel
2014-12-11 12:39:49.90 GMT
By Zainab Fattah
Dec. 11 (Bloomberg) -- The Savoy, the five-star London
hotel once frequented by Winston Churchill, Marilyn Monroe and
Claude Monet, is now owned by the state of Qatar and one of
Saudi Arabia’s richest men.
Qatar’s government-owned Katara Hospitality Co. bought a 50
percent stake from Lloyds Banking Group and Saudi billionaire
Prince Alwaleed Bin Talal’s Kingdom Holding Co. owns the rest,
Kingdom said in a statement today without providing a value for
the transaction.
Katara Hospitality, owned by Qatar’s sovereign-wealth fund,
is in talks to buy “iconic” hotels in London and Rome as it
seeks to more than double its properties by 2030, Chief
Operating Officer Christopher R.J. Knable said last year. The
country’s sovereign wealth fund made a joint bid this month for
Songbird Estates Plc, which controls the Canary Wharf financial
district in London.
The Savoy, located a short walk away from the north bank of
the River Thames on The Strand, first opened in 1889. It
reopened in October 2010 after a 230 million-pound ($360
million) renovation that took about 30 months. The hotel
typically charges at least 365 pounds a night for a basic room,
according to its website.
Kingdom Holdings and the Qatar Investment Authority
together own a 35 percent stake in Fairmont Raffles Holdings
International Hotels Co., according to the statement.
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To contact the reporter on this story:
Zainab Fattah in Dubai at +971-4-364-1027 or
zfattah@bloomberg.net
To contact the editors responsible for this story:
Andrew Blackman at +49-30-70010-6223 or
ablackman@bloomberg.net
Ross Larsen
2014-12-11 12:39:49.90 GMT
By Zainab Fattah
Dec. 11 (Bloomberg) -- The Savoy, the five-star London
hotel once frequented by Winston Churchill, Marilyn Monroe and
Claude Monet, is now owned by the state of Qatar and one of
Saudi Arabia’s richest men.
Qatar’s government-owned Katara Hospitality Co. bought a 50
percent stake from Lloyds Banking Group and Saudi billionaire
Prince Alwaleed Bin Talal’s Kingdom Holding Co. owns the rest,
Kingdom said in a statement today without providing a value for
the transaction.
Katara Hospitality, owned by Qatar’s sovereign-wealth fund,
is in talks to buy “iconic” hotels in London and Rome as it
seeks to more than double its properties by 2030, Chief
Operating Officer Christopher R.J. Knable said last year. The
country’s sovereign wealth fund made a joint bid this month for
Songbird Estates Plc, which controls the Canary Wharf financial
district in London.
The Savoy, located a short walk away from the north bank of
the River Thames on The Strand, first opened in 1889. It
reopened in October 2010 after a 230 million-pound ($360
million) renovation that took about 30 months. The hotel
typically charges at least 365 pounds a night for a basic room,
according to its website.
Kingdom Holdings and the Qatar Investment Authority
together own a 35 percent stake in Fairmont Raffles Holdings
International Hotels Co., according to the statement.
For Related News and Information:
Top real estate stories: TOP REL <GO>
Top Gulf stories: TOP GULF <GO>
For Gulf real estate news TNI GULF REL <GO>
For U.A.E. property news TNI UAE REL <GO>
Middle East stock market news: NI ARABWRAP <GO>
To contact the reporter on this story:
Zainab Fattah in Dubai at +971-4-364-1027 or
zfattah@bloomberg.net
To contact the editors responsible for this story:
Andrew Blackman at +49-30-70010-6223 or
ablackman@bloomberg.net
Ross Larsen