Savoy faces sale as Saudi owner looks for cash

London's landmark Savoy Hotel may soon go up for sale, as its billionaire Saudi owner struggles to offset the effects of the credit crunch.

Prince Alwaleed's Kingdom Holding Company is also reported to be trying to sell off Singapore's landmark Raffles hotel for £300m, after his wealth fell from $21bn (£14bn) to "just" $13bn in the space of 12 months.

The Savoy, which is having a £100m overhaul, could bring in more than £200m, despite concerns that occupants for its £350-a-night rooms might be harder to come by in the current economic climate. The prince, who ranked 22nd in last year's Forbes Rich List, alsohas stakes in Euro Disney, News Corporation and Songbird Estates, the owner of Canary Wharf.