Saudi investor picks up the Savoy

London's famous Savoy hotel has been sold to a group combining Saudi billionaire investor Prince Alwaleed bin Talal and a unit of HBOS bank.

Financial details of the deal, which includes the nearby Simpson's in the Strand restaurant, were not disclosed. The seller - Irish-based property firm Quinlan Private - bought the Savoy along with the Berkeley, Claridge's and the Connaught for £750m last year. Prince Alwaleed's hotel investments include the luxury George V in Paris. He also has substantial stakes in Fairmont Hotels & Resorts, which will manage the Savoy and Simpson's in the Strand, and Four Seasons. Fairmont said it planned to invest $48m (£26m) in renovating parts of the Savoy including the River Room and suites with views over the River Thames. Work was expected to be completed by summer 2006, Fairmont said.