London Savoy Hotel Sees Risk Of Loan Violations

The hotel had a pretax loss of 53.5 million pounds ($85 million) in 2012, an 8 percent increase from a year earlier, according to the filing to Companies House describing last years results. Revenue rose about 3.5 percent to 58.5 million pounds last year. Prince Alwaleed Kingdom Holding, an investment company Alwaleed controls, and the Lloyds unit, each own half of the Savoy, according to a statement in April, when the hotels debt was refinanced. At that time, the London hotel was valued at more than 600 million pounds. Kingdom is supporting this asset and has a plan with Lloyds for the hotel, Charles Henry, a spokesman for the Riyadh-based company, said by telephone. Lloyds spokesman Emile Abu-Shakra said the bank remains fully supportive of the management and this iconic hotel. We are confident that the business will continue to trade profitably and that it will be able to meet all creditor payments as they fall due, he said by e-mail. Credit Agricole SA (ACA) and DekaBank Deutsche Girozentrale have loaned 200 million pounds to a Breezeroad affiliate at a rate of 380 basis points, or 3.8 percent, to 400 basis points more than the London interbank offered rate, according to the filing. Kingdom Loans Lloyds and Kingdom Holding each loaned the group 50.5 million pounds at a 15 percent internal rate of return as part of the refinancing, the filing said. The co-owners also provided loans at a lower rate. Representatives of the Savoy declined to comment.

London museum’s Cheapside Hoard is a trove of 17th-century jewelry with mysterious origins

The hoard’s owners also may have been jewelers who decided to bury their stock and move abroad until peace returned “and that secret went with them.” One engraved gemstone bears the name of Viscount Stafford, a title awarded in 1640, meaning the hoard was buried sometime between then and 1666, when the area’s buildings were destroyed in the Great Fire of London. It lay undisturbed for almost 300 years until it was discovered in 1912 by construction workers demolishing a building in Cheapside, a busy commercial thoroughfare in the oldest part of London, the City. They took it to a pawnbroker who fortunately offered it to a trustee of the Museum of London. The gems caused a sensation when they were displayed in 1914, but have never been shown as a complete collection until now. The exhibition reveals an era, like our own, attracted by opulence. British ships were exploring the world, returning with new goods and products. The hoard includes gems from India, emeralds from Colombia and even a cameo of Cleopatra from ancient Rome. Clothing was richly embroidered, and “jewels had to dazzle to stand out,” said museum fashion curator Beatrice Behlen. Eye-catching exhibits include chains of gemstones and blue-and-white enameled flowers up to 15 feet (4.5 metres) long, worn looped around the neck and body. There are emerald earrings shaped like bunches of grapes; bracelets of pearls, rubies, amethysts and diamonds; and the wonderfully named bodkins bejeweled pins given as love tokens. There’s a tiny, exquisite scent bottle decorated with opals, diamonds, rubies and sapphires and a recreated 17th-century perfume, strong and spicy, that visitors can sniff to enhance the experience. Curators say that in this case, an old cliche is true. The hoard is priceless there’s no equivalent collection to measure it against.