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Savoy sees sales and profits drop

24 November 2014 by
Savoy sees sales and profits drop

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.

Katara Hospitality takes 50% stake in the Savoy Hotel >>

Savoy hotel staff face job losses >>

TagsFinance and Hotels
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