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Qatar, Saudi Prince Buy London's Famed Savoy
Qatar's sovereign wealth fund has bought a 50% stake in London's storied Savoy hotel from Lloyds Banking Group. Prince Alwaleed Bin Talal, one of Saudi Arabia's richest men, acquired the rest, Bloomberg reports. Qatar Investment Authority subsidiary Katara Hospitality is on the hunt for elite hotels in London and Rome as the state fund looks to double the number of properties it owns by 2030. We noted in a story last week on top sovereign wealth funds that QIA has about $170B in assets and is bidding for full ownership of London's Canary Wharf financial district. The Savoy's price tag has not been disclosed.
