29/07/2011 by Buildington
The Savoy hotel faced £31m of operating losses in 2010 (£5.5m in 2009) as renovation work at the landmark London hotel ran 18 months over schedule, reports The Telegraph.
Saudi billionaire Prince Alwaleed Bin Talal and his co-investor HBOS have spent more on reviving the hotel than the £230m they paid for the original building.
The accounts filed at companies house also show that the hotel was loss-making during its first 13 weeks of opening. The hotel's general manager, Keiran MacDonald, says it expects to deliver "healthy returns" this year as room occupancy is around 90pc for the past three months.
Source: http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/8657136/Savoy-losses-hit-31m-after-revamp.html