Fairmont Hotels & Resorts Inc. is pleased to announce that it has assumed management of The Savoy Hotel, one of London's most-recognized luxury hotel properties.

Kingdom Hotels International ("Kingdom"), a company affiliated with His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and Bank of Scotland Corporate, part of HBOS plc, also announced today the acquisition of the hotel from Quinlan Private.

The hotel will now be known as "The Savoy, A Fairmont Hotel". This hotel is Fairmont's second destination in Europe, following closely on the December 2004 acquisition of the Monte Carlo Grand, purchased by Fairmont, Kingdom and Bank of Scotland Corporate in the first transaction for their joint venture aimed at investing in luxury hotels across Europe.

"We are extremely pleased to have added The Savoy to the Fairmont collection," said William R. Fatt, Fairmont's Chief Executive Officer. "Fairmont is looking forward to ongoing brand growth in Europe and continuing our successful relationship with Prince Alwaleed and Bank of Scotland."