Savoy sees sales and profits drop
24 November 2014 by Neil Gerrard
The Savoy hotel in London has posted a drop in its sales and profits.
Accounts for the year to December 2013 for Breezeroad, the hotel's operating company, showed that sales had dropped nearly 3% to £58.5m while operating profits were down around 25% to £6.1m. Revenue per available room also fell 1.8% from £314.38 in 2012 to £308.71 last year.
The news comes almost a month after it emerged that a Qatari-backed company called Katara Hospitality together with Fairmont Raffles Hotels International bought a 50% stake in the Savoy from Lloyds Banking Group. The other half is owned by Saudi billionaire Prince Alwaleed bin Talal.
The Savoy is managed under the Fairmont brand.
