LONDON— The Savoy has become the newest addition to Fairmont Hotels & Resorts’ portfolio. Fairmont said its management agreement for the hotel and adjacent Simpson’s-in-the-Strand restaurant is now complete following the recent sale of the Savoy to Kingdom Hotels International and Bank of Scotland Corporate— part of HBOS plc— by Quinlan Private. The Savoy, now referred to as a Fairmont Hotel, is Fairmont’s second destination in Europe, following the December 2004 acquisition of the Monte Carlo Grand. Noting that this is the start of “a new era” for Fairmont, John Johnston, Fairmont’s executive vp of development for Europe, the Middle East & Africa said: “Fairmont has been looking for the ideal London fit in terms of reputation, location, capacity and integration with our existing Fairmont brand for quite some time.” Originally conceived by Gilbert and Sullivan impresario Richard D’Oyly Carte as somewhere for audiences to stay after performances in his adjacent Savoy Theatre, the property opened in 1889. The Savoy was Londons first hotel to pioneer full electric lighting and private baths, according to Fairmont. The ongoing restoration of the hotels Art Deco interior will continue under Fairmont, Johnston noted. The majority of an estimated $48 million in renovation capital will be invested in accommodations and refreshing some of the hotel’s function areas, he indicated. Completion is anticipated by the summer of 2006.
