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FINANCIAL NEWS
London’s Savoy hotel’s refinancing completed: Kingdom Holding
01 May 2013
(MENAFN) Saudi Kingdom Holding announced that it has secured a senior facility of USD310.07 million from two European commercial banks to complete the refinancing of London’s Savoy hotel, reported Arabian Business.
The investment firm, which jointly owns the central London property with Prestonfield, added that the latter is providing mezzanine financing.
The company, which is controlled by Saudi billionaire Prince Alwaleed bin Talal, bought the 268-room hotel in 2005, and carried out USD356.58 million renovation works on the property between 2008 and 2010 along with its partner Prestonfield.
It is worth noting that the iconic Savoy hotel was first launched in 1889, and is worth more than USD930.22 million, according to Kingdom Holding.
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