After years of talking about expanding its luxury hotel business, the Brunei Investment Agency (BIA) is finally investing. Having recently added the Hotel Bel-Air in Los Angeles and the New York Palace in Manhattan to its exclusive chain, it is preparing to invest almost £100 million converting two more landmark properties in Britain into hotels for the rich and famous. Christopher Cowdray, the man charged with overseeing the BIA's hotel expansion plan, is casting his eye over trophy hotels throughout Europe and North America with a view to persuading their owners to sell to the BIA or hand over control under a long-term management contract.

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