LONDON: London’s prestigious Savoy hotel reopened on Tuesday after one of the most ambitious restoration programs in history, costing £220 million.

HRH Prince Charles, The Prince of Wales and HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) who was accompanied by his spouse HH Princess Ameerah Altaweel, Vice Chairwoman, Alwaleed Bin Talal Foundation inaugurated The Savoy hotel one of KHC’s major investments in the United Kingdom. The occasion was attended by Mr. Salah Al Hujailan, Legal Advisor to HRH the Chairman, Mr. Shadi Sanbar, CFO, Ms. Nada Al Sugair, Executive Director, Finance and Administration, Ms. Heba Fatani, Executive Manager, Corporate Communications, Dr. Nahla Alanbar, Private Executive Assistant to HRH the Chairman, Ms. Amani Algahtani, Assistant Executive Manager- HRH’s Palaces, Ms. Manal Alshammari Manager, Protocol, Mr. Fahad Alofy Executive Assistant to HRH the Chairman and Ms. Kholoud Al Dosari, Office Manager, HH Princess Ameerah.

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.

The Savoy, which originally opened in 1889, closed for refurbishment and restoration of the entire building by over 1,000 craftsmen in December 2007. The planned 16-month closure in 2007 for a £100 million refurbishment turned into a three-year £220 million renovation, after major structural problems were identified.

Prince Alwaleed said at the opening ceremony: “It is a great pleasure to come back and see the Savoy transformed into its former glory. We are very proud at the work accomplished and our aim has been to ensure that the tradition, culture and heritage of the Savoy were maintained.”

From 2006

One of the world’s wealthiest men and an investor in marquee names such as Citigroup and Euro Disney, Prince Alwaleed bin Talal, will add the upper-crust Savoy Hotel in London to his investments.

The Saudi Arabian prince and a unit of HBOS plc have agreed to buy the 263-room hotel from Irish investment company Quinlan Private for £250 million ($A616 million), according to Quinlan.

The sale, which has been expected for several months, represents a quick flip of property for Quinlan, which acquired the Savoy Group of hotels from investors including Blackstone Group, the US private-equity firm, in May for £750 million. As part of the deal, Quinlan will continue to own the other Savoy properties, including iconic London hotels such as the Berkeley, Claridge’s and the Connaught. Quinlan is expected to unveil plans for those properties within a week.

The deal of Prince Alwaleed and HBOS also includes the nearby Simpson’s-in-the-Strand restaurant. Fairmont Hotels & Resorts, the Toronto luxury-hotel owner and operator, yesterday said it would take over management of the hotel and restaurant.

The Savoy, near the River Thames, opened in 1889. Cesar Ritz, the noted Parisian manager, oversaw the hotel at one point, and Sir Winston Churchill, members of the British royal family, and other celebrities visited it.

In 1998, Blackstone and Colony Capital acquired the Savoy group of luxury hotels and then spent $US100 million ($A131.6 million) to refurbish the hotels.

But that purchase was ill timed, hurt by a downturn in the economy and events such as the 2001 terrorist attacks.

In 2004, the investors sold the hotel to Quinlan, whose portfolio comprises 150 assets, including commercial properties in Hungary and the Czech Republic.

The sale to Prince Alwaleed and the HBOS unit is the second time in six years the hotel has been sold.

Recently, though, the hotel business, or at least the interest in the purchase of hotels, has increased.

The US has had several sales of lodging acquisitions, including Lehman Brothers Holdings’ December pact to acquire six hotels and a 50 per cent stake in the Summerfield Suites brand from Wyndham International for $US105 million.