Kingdom and Bank of Scotland Acquire Savoy Hotel
Kingdom and Bank of Scotland Acquire Savoy Hotel |
| London,
January 19, 2005 - Kingdom Hotels International (Kingdom) and Bank
of Scotland Corporate, a division of HBOS plc. announced today that they
acquired the Savoy Hotel in London. The Savoy hotel will be managed by Fairmont
Hotels & Resorts. "As a long-term investor in Fairmont and Fairmont hotel properties, we believe our joint venture’s focus on European luxury hotel acquisitions is an excellent strategic choice for growth. The Savoy Hotel is a wonderful addition to Kingdom’s portfolio and is truly one of the finest hotels in Europe", said HRH Prince Alwaleed bin Talal bin AbdulAziz Alsaud, Chairman of Kingdom. Peter Cummings, Managing Director Bank of Scotland Corporate added, "We are delighted to joint venture with such a proven and experienced partner as Kingdom and in Fairmont, we have a renowned and ambitious hotel operator. We are very confident in the collective expertise to develop this landmark asset to the highest standards of quality and financial performance." "We are extremely pleased to have added The Savoy to the Fairmont collection," said William R. Fatt, Fairmont’s Chief Executive Officer. "Fairmont is looking forward to ongoing brand growth in Europe and continuing our successful relationship with Prince Alwaleed and Bank of Scotland." The Savoy, will be flagged "The Savoy, A Fairmont Hotel" on January 28th. This hotel is Fairmont’s second destination in Europe, following closely on the December 2004 acquisition of the Monte Carlo Grand, purchased by Fairmont, Kingdom and Bank of Scotland in the first transaction for their joint venture aimed at investing in luxury hotels across Europe. About the Savoy Hotel Built in 1889 as an annex to Richard D'Oyly Carte's adjacent Savoy Theatre the 263-room Savoy offers 19,000 square feet of distinctive function space, stunning Thames views and an incomparable location close to Covent Garden, the West End theatres, Trafalgar Square and the City financial district. Its famous features include the Michelin-starred Savoy Grill, the American Bar and one of two rooftop pools in the city. In January 2005, The Savoy was noted on both the "Conde Nast Traveler Gold List" and the "Travel + Leisure 500" alongside other celebrated Fairmont Hotels & Resorts. About Kingdom Kingdom is owned by a trust for the benefit of HRH Prince Alwaleed bin Talal bin AbdulAziz Alsaud and his family. Prince Alwaleed, directly or through trusts and other entities for the benefit of himself and his family, has made substantial investments in multiple sectors including banking, hotels, media, telecommunications, technology, construction and real estate, entertainment, and upscale fashion, among numerous others. Significant hotel-related investments include interests in Fairmont Hotels & Resorts, Four Seasons Hotels & Resorts, the George V Hotel and Mövenpick Hotels & Resorts, covering more than 260 hotels throughout the US, the Middle East and Africa. Significant investments in other sectors include interests in Citigroup, News Corp., Time Warner, Motorola, Apple Computers, Ballast Nedam, Canary Wharf, Disneyland Paris, Saks Inc. and Kingdom Center. About Bank of Scotland Corporate Bank of Scotland Corporate is part of leading UK financial services group, HBOS plc. It has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. The Bank has established a strong record in funding Joint Ventures. Since setting up its Joint Ventures team in 2000, it has provided total funding of over £10 billion across more than 130 investments. Typically, the Bank invests in vertical (integrated) funding opportunities (i.e. debt plus equity) and weighty equity stakes (typically 25-50%) with the Bank being pro-active in driving value. About Fairmont Hotels & Resorts Inc. (Fairmont) FHR is one of North America's leading owner/operators of luxury hotels and resorts. FHR's managed portfolio consists of 83 luxury and first-class properties with more than 33,000 guestrooms in the United States, Canada, Mexico, Bermuda, Barbados, United Kingdom, Monaco and the United Arab Emirates. FHR owns Fairmont Hotels Inc., North America's largest luxury hotel management company, as measured by rooms under management, with 46 distinctive city center and resort hotels such as The Fairmont San Francisco, The Fairmont Banff Springs and The Fairmont Scottsdale Princess. FHR also owns Delta Hotels, Canada's largest first-class hotel management company, which manages and franchises 37 city center and resort properties in Canada. In addition to hotel management, FHR holds real estate interests in 22 properties and an approximate 24% investment interest in Legacy Hotels Real Estate Investment Trust, which owns 24 properties. CONTACTS Bank of Scotland Corporate Mark Elliott Head of Media Relations Tel: +44 131 243 5572 Email: mark_elliott@bankofscotland.co.uk Website: www.hbosplc.com/media/home.asp Kingdom Charles S. Henry President Hotel Capital Advisers, Inc. Tel: +1 212 599 5151 E-mail: chuck@hcadvisers.com Fairmont Hotels & Resorts Inc. Media: Laura Fairweather Executive Director, Public Relations Tel: +1 416 874 2404 Email: communication@fairmont.com Website: www.fairmont.com Investors: Denise Achonu Executive Director, Investor Relations Tel: +1 416 874 2485 Email: investor@fairmont.com Website: www.fairmont.com/investor Cedar Capital Partners Ramsey Mankarious Chief Executive Officer Tel: +44 20 7431 0457 E-mail: ramsey@cedarcp.com Website: www.cedarcp.com |