Losses at Savoy Hotel widen as major renovation continues

THE Savoy Hotel has reported an increased pretax loss of £19.6 million 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 Savoy Hotel in London

(John Keeble)

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.