Katara Hospitality, the Qatar-based global owner, developer and operator of iconic hotels, has added the first London landmark property to its portfolio of international hotels with an investment in The Savoy, A Fairmont Managed Hotel.
Katara Hospitality and Fairmont Raffles Hotels International (“FRHI”), the parent entity of Fairmont Hotels & Resorts, have together acquired a 50 percent stake joint venture (JV) in the iconic London landmark that was held by Lloyds Banking Group.
This significant transaction was done in partnership with the Savoy’s long-standing shareholder, Kingdom Holding Company, which will continue to hold a 50 per cent direct interest in the hotel.
His Excellency Sheikh Nawaf bin Jassim bin Jabor Al-Thani, Chairman of Katara Hospitality, said on the occasion: “We are delighted to welcome The Savoy to our collection of iconic hotels and believe this investment will add operational strength and build on the foundations of our successful portfolio.”
“Katara Hospitality’s vision is to build a portfolio of leading hotels in key destinations around the world. The Savoy is the ideal opportunity to expand our footprint into the vibrant and exciting London market.”
Located on the banks of the River Thames, in the heart of London, The Savoy is a five-star luxury hotel originally opened in 1889. Following one of the most ambitious hotel restorations in British history in 2010, the 268-room hotel is now one of the world’s truly great hotels, providing travelers with an unrivalled blend of historical significance and elegant accommodation. Famous guests have included Sir Winston Churchill, Frank Sinatra, Christian Dior, Maria Callas, Claude Monet and Katherine Hepburn, among many others.
With 40 years’ experience in the industry, Katara Hospitality is well on its way to becoming one of the world’s leading hospitality companies. The company already has 30 hotels in operation or under development, with more than 6,500 rooms in 12 countries across three continents.
Katara Hospitality was also recently recognised as the World’s Leading Hospitality Company at the prestigious World Travel Awards for the second year running.