Hotels Get Facelifts
In London and Paris, the crème de la crème of luxury hotels are being renovated, refurbished and retrofitted. The 121-year-old Savoy hotel will reopen in London in October after having undergone a complete overhaul that took almost three years. The Savoy, which is co-owned by Kingdom Holding Co. and Lloyds Banking Group PLC, had never had a systematic renovation and the hotel was "no longer competing at the top level of luxury," says general manager Kiaran MacDonald. He says the $340 million project will also bring more visible changes, such as a new champagne bar and cabaret.