Taking a stake in Savoy, RF, Grosvenor House and AHG

As the government injected a further £37 billion into shoring up the banking industry yesterday, the taxpayer became part owner of some prime conference and meetings assets, including Grosvenor House in Mayfair and the Rocco Forte group of 11 hotels.

The 63 per cent state stake in Royal Bank of Scotland and 43.5 per cent in Lloyds TSB-HBOS bring many assets.

Lloyds TSB-HBOS owns half of the Savoy and has a big stake in Alternative Hotel Group which controls the De Vere brand, with 12 five-star hotels and 25 conference and leisure venues.

HBOS also bankrolled the Rocco Forte group, among a £10 billion property portfolio.

In London, the Grosvenor House Hotel and its prime meeting facilities falls under the RBS and now, therefore is majority state-owned.

Please form an orderly queue for any familiarisation visits and, who knows, Grosvenor House may even drop its room rates from £320 a night for one of its new owners – the great British taxpayer?

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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