London Savoy To Reopen Next April

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The Savoy, the 121-year-old London hotel that’s hosted Elizabeth Taylor and Claude Monet, may add to strains on the city’s luxury guesthouses when it reopens in April following British hospitality’s most expensive renovation.

After last year’s collapse of Lehman Brothers Holdings Inc. sparked a slump in business travel, the belated and over-budget completion of the London Savoy’s makeover will put 268 luxury rooms into a market suffering a dearth of bankers and corporate guests. Even with the Savoy shut, revenue at London’s upscale hotels this year has declined the most since the SARS outbreak in 2003, according to STR Global, which tracks the industry.

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