Prince Alwaleed: "This is another historical achievement for our investments in the hospitality sector"
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) said that "This is another historical achievement for our investments in the hospitality sector" as The Savoy Hotel in London one of KHC's major investments in the United Kingdom, UK was awarded the best hotel in the UK in Ultratravel magazine, 2012.
In its first year of operation (2011), the Savoy recorded an approximate 75% increase in its average rate over the final year of operation before the renovation (2007). Due to the size of the hotel's rooms (268 guestrooms and suites) and ancillary events and restaurants, continued to realize a strong rate growth which has translated into over £20 million of incremental revenue and a nearly 10% gain in the hotel's gross operating profit margin.
In 2010, HRH Prince Charles, The Prince of Wales, HRH Prince Alwaleed in the presence of HH Princess Ameerah Al-Taweel, Vice Chairwoman and Secretary General of Alwaleed Bin Talal Foundation that is chaired by Prince Alwaleed inaugurated The Savoy Hotel, London.
During the grand inauguration ceremony, the Prince of Wales was greeted by Prince Alwaleed and Princess Ameerah on his arrival to the Savoy, after which Mr. Kiaran Macdonald, General Manager of The Savoy, gave them a brief tour of the hotel. The two Princes were also introduced to the Savoy staff, the Architect and designer, and craftsmen who had worked on the prestigious project.
Moreover, Prince Alwaleed gave a speech to a distinguished audience to mark the occasion and invited Prince Charles to speak. The two also performed the grand inauguration by unveiling a marble plaque. The event was concluded with a press conference that included representatives from the global media, which Prince Alwaleed addressed.
The Savoy, London's most iconic and historic luxury hotel managed by Fairmont, is 50% owned by KHC and co-owned by Lloyds Banking Group with a total cost of US$800 million for the purchase and renovation. The 268 room hotel is one of London's landmarks since its opening in 1889.
Fairmont Raffles is an integral component of KHC's diverse hotel portfolio. Earlier this year, KHC announced an US$847 Million transaction with Qatari Diar involving Fairmont Raffles Holdings International (FRHI). Under the agreements, Voyager has acquired for a combination of cash and other consideration a 40% shareholding in FRHI. In addition, QDHP has undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel. In 2006, KHC and Colony completed the acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group.
Prince Alwaleed's investments through KHC in the United Kingdom in addition to the Savoy include Canary Warf in the real estate sector and Citigroup in the financial sector. In addition, other investments include a 47.5% interest in the Four Seasons Hotels and Resorts co-owned by the billionaire Bill Gates, which manages 3 hotels; London at Park Lane, London at Canary Wharf and the third in Hampshire.
© Press Release 2012
