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The Savoy made a loss of £25m in year after it re-opened

22 April 2013 by
The Savoy made a loss of £25m in year after it re-opened

London's Savoy hotel made a net loss after tax of £25.4m during 2011 - its first full year of trading after closing for a three-year renovation.

In the annual accounts, for the year ending 31 December 2011, the five-star, 268-bedroon hotel showed an operating profit of £5.9m, on a turnover of £56.5m. The property re-opened in October 2010 following a £220m refurbishment.

Revenue per available room (revpar) increased from £187.54 during the first three months after re-opening to £293.70 in 2011.

The Savoy, which employs 493 staff, had a wage bill of £12.9m during 2011.

The hotel is operated by Fairmont Hotels and Resorts. During 2011, a management fee of £1.7m was paid to Fairmont, with further fees handed over for sales and marketing of £846,769, IT (£141,128) and the global reservations centre (£136,756).

Last month, the hotel agreed a new loan of £200m with French bank Credit Agricole and Germany's Dekabank.

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