(MENAFN - Arab News) Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), said that "This is another historical achievement for our investments in the hospitality sector" as The Savoy Hotel in London one of KHC's major investments in the United Kingdom was awarded the best hotel in the UK in Ultratravel magazine 2012.
In its first year of operation (2011), the Savoy recorded an approximate 75 percent increase in its average rate over the final year of operation before the renovation (2007). Due to the size of the hotel's rooms (268 guestrooms and suites) and ancillary events and restaurants, continued to realize a strong rate growth, which has translated into over 20 million pounds of incremental revenue and a nearly 10 percent gain in the hotel's gross operating profit margin.
The Prince of Wales Prince Charles and Prince Alwaleed opened The Savoy Hotel in London in 2010, in the presence of Princess Ameerah Al-Taweel, vice chairwoman and secretary general of Alwaleed Bin Talal Foundation that is chaired by Prince Alwaleed.
Prince Alwaleed's investments through KHC in the UK in addition to The Savoy include Canary Warf in the real estate sector and Citigroup in the financial sector.