Fairmont Hotels & Resorts Inc. is pleased to announce that it has assumed
management of The Savoy Hotel, one of London’s most-recognized luxury
hotel properties. Kingdom Hotels International, a company affiliated with His
Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and Bank of
Scotland Corporate, part of HBOS plc, also announced today the acquisition
of the hotel from Quinlan Private.

The hotel will now be known as “The Savoy, A Fairmont Hotel”. This hotel
is Fairmont’s second destination in Europe, following closely on the
December 2004 acquisition of the Monte Carlo Grand, purchased by Fairmont,
Kingdom and Bank of Scotland Corporate in the first transaction for their
joint venture aimed at investing in luxury hotels across Europe.

“We are extremely pleased to have added The Savoy to the Fairmont
collection,” said William R. Fatt, Fairmont’s Chief Executive Officer.
“Fairmont is looking forward to ongoing brand growth in Europe and
continuing our successful relationship with Prince Alwaleed and Bank of
Scotland.”

Built in 1889 as an annex to Richard D’Oyly Carte’s adjacent Savoy Theatre
the 263-room Savoy offers 19,000 square feet of distinctive function
space, stunning Thames views and an incomparable location close to Covent
Garden, the West End theatres, Trafalgar Square and the City financial
district. Its famous features include the Michelin-starred Savoy Grill,
the American Bar and one of two rooftop pools in the city. In January
2005, The Savoy was noted on both the “Conde Nast Traveler Gold List” and
the “Travel + Leisure 500” alongside other celebrated Fairmont Hotels &
Resorts.
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