Qatar firm buys 50 percent of London's storied Savoy Hotel | Middle East Eye

Qatar firm buys 50 percent of London's storied Savoy Hotel | Middle East Eye:



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A firm owned by the Gulf emirate of Qatar has acquired a 50 percent stake in London's legendary Savoy Hotel, its Saudi-based partner said on Thursday.



Katara Hospitality Company purchased its share of the hotel, formally known as Fairmont Hotel the Savoy, from Lloyds Banking Group in 2005. 



Between 2008 and 2010, the hotel underwent a $360 million renovation during which time its 268 rooms were closed, according to an Arabian Business report."



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