Astragal hears all is not well in the land of Prince Al-Waleed
The Saudi prince – one of the world’s richest men – is rumoured to be selling the Savoy Hotel, the London landmark that is currently nearing the end of an 18-month, £100 million restoration by ReardonSmith Associates.
The 54-year-old’s personal wealth has apparently plunged to an alarming, barely credible £13 billion from the £21 billion he was worth a year ago (rumour is this was one reason behind the cancellation of his proposed Mile High Tower in Jeddah).
Whether there will be any takers for a £200 million London hotel in the current financial crisis – especially a top-end one charging £350 a night for a room – is anybody’s guess. If things get tight, he can always live in his personal A380, the world’s largest aircraft, which he ordered in 2008 for £250 million.