Weak pound ‘will help Savoy’

LONDON’s iconic luxury hotel the Savoy saw its losses surge last year, but its directors are hoping the weak pound will help to deliver a bonanza from visiting American tourists this year.

The hotel – which has hosted world leaders and celebrities from Oscar Wilde to Winston Churchill and Bob Dylan – saw its losses reach £60.7million in 2016, up by more than £8million on the previous year.

The company said the business was facing both opportunities and risks. The weak pound gives foreign tourists – particularly big-spending Americans – more for their money.

But there is a danger that security fears following recent terror attacks in Britain and on the Continent could damage business. Terrorism led to ‘extended periods of market depression’ in the past, the company warned.

Last year, the hotel launched its Royal Suite, which costs from £14,000 a night and features majestic views of the Thames.

Saudi Prince Alwaleed Bin Talal is the majority owner of the group.