saudi investor picks up the savoy london s famous savoy hotel has been sold to a group combining saudi billionaire investor prince alwaleed bin talal and a unit of hbos bank.  financial details of the deal  which includes the nearby simpson s in the strand restaurant  were not disclosed. the seller - irish-based property firm quinlan private - bought the savoy along with the berkeley  claridge s and the connaught for £750m last year. prince alwaleed s hotel investments include the luxury george v in paris. he also has substantial stakes in fairmont hotels & resorts  which will manage the savoy and simpson s in the strand  and four seasons. fairmont said it planned to invest $48m (£26m) in renovating parts of the savoy including the river room and suites with views over the river thames. work was expected to be completed by summer 2006  fairmont said.