Losses at Savoy Hotel widen as major renovation continues

THE Savoy Hotel has reported an increased pretax loss of £19.6m for 2024, up from a loss of £17.5m in 2023, as it embarked on a significant renovation project and reduced its workforce.

- JON ROBINSON

The last time the five-star London hotel posted a pretax profit was in 2006, when it reported earnings of £5.9m in the six months to the end of the year and £7.3m for the year to 30 June. Since then, the hotel’s losses have exceeded £554m.

Recent filings with Companies House reveal that the hotel’s revenue dropped from £63.3m to £59.7m, while its staff numbers decreased from 500 to 444.

The Savoy Hotel is jointly owned by Kingdom Holding Company in Saudi Arabia, Fairmont Hotels and Resorts, and Katara Hospitality, which is owned by the Qatari government.