Evening Standard – 29th November 2018
The billionaire Reuben brothers are stumping up a loan for Middle Eastern royals in a refinancing of the Savoy Hotel on The Strand, it has emerged. David and Simon Reuben have provided a loan, believed to be around £270 million, to the owners of the hotel. It replaces a debt package from German banks that recently expired.
The joint owners of the famous building, which opened in 1889, are Qatar’s Katara Hospitality and Saudi billionaire Prince Alwaleed bin Talal. The prince, who was detained last year and released in January following a anti-corruption drive, has previously said he will never let go of his stake.
The Reubens’ spokesman told Debtwire the loan is on a “long-term basis”. Interest details were not disclosed. It has been a busy year for the investors. The pair this month spent £61 million on a Soho property which will be redeveloped into a hotel, and in August they snapped up the Curtain hotel and members club in Shoreditch.