Article: London Regional's Monaco hotel prize ; PROPERTY

BILLIONAIRE property owners Ian and Richard Livingstone have made their first acquisition in Monaco. The brothers' property firm London Regional has splashed out about Pounds 210 million to buy the Fairmont hotel, which sits on the famous hairpin bend of the Grand Prix circuit.

The 619-room hotel, currently undergoing a Pounds 30 million renovation, was previously jointly owned by HBOS, Saudi billionaire investor Prince Alwaleed and the Fairmont chain, which also manages London's Savoy hotel. The trio are believed to have paid around Pounds 150 million for it in 2004.

The lion's share of the ...

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