The Daily Mail yesterday reported that the hotel's billionaire owner, Prince Alwaleed of Saudi Arabia, has suffered as a result of the global recession, with his personal wealth falling from $21bn (£14bn) to $13bn (£8.7bn) in the past year.
A spokeswoman for the hotel told Event: "We are unaware of any potential sale or any plans to sell the Savoy. We are currently in the middle of a major refurbishment and plan to push the event side of the business when it reopens."
The hotel's refurbishment includes a facelift of its banqueting facilities, a new bar, known as Beaufort Bar and improvements throughout the building. It is expected to reopen late this year.
Prince Alwaleed, who reportedly owns a 282ft yacht, 300 cars and a jumbo jet, ranks 22nd in Fortune's list of the world's top billionaires. He bought the hotel in September 2005 for a reported £250m, with the value of each room estimated at £1m.
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