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Savoy Hotel in London is in Financial Trouble

One of the iconic destinations of the UK’s capital, Savoy Hotel in London, seeks new investor that will help the hotel to refinance its giant loan of 230 million pounds (approximately US$365 million). The loan matures already this year.

The hotel has taken loans mostly from Lloyds Banking Group Plc. Currently the directors of the holding company that owns Savoy talk to various insurers, sovereign wealth funds and lenders whether they are interested in providing Savoy with money.

Savoy hotel is a British icon since 1889. The hotel has a beneficial location in the heart of London near the River Thames. The hotel features a perfect blend of Art Deco and English Edwardian interiors, and is distinguished by sophistication and glamour. Savoy was closed for three years, during which it underwent a large-scale £220 million refurbishment. Nowadays the hotel in London has 268 guestrooms and suites, including 9 suites dedicated to prominent personalities and one King suite with two bedrooms. The hotel provides jobs for 650 people. Visitors of Savoy gain convenient access not only to main sights of London, but also to internationally famous theaters, museums and opera houses.

26.04.2012

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