by By Lisa Grimaldi | October 01, 2010

This month, one of the world's most iconic properties, The Savoy in central London, will reopen, following a three-year, $344 million restoration.

In January 2005, Fairmont Hotels & Resorts took over management of the venerable hotel, which was built in 1889 and served as the flagship of the former Savoy Group chain (which included Claridge's, The Berkeley and The Connaught). The property closed for renovation in late 2007 with the intention of reopening in mid-2009, but Fairmont underestimated the length of time the restoration would require.

The new and improved Savoy, which retains its Ed­wardian and art deco styles, now has 268 guest rooms (up from 263) decorated by Pierre Yves Rochon. The entire property now offers Wi-Fi.

For meetings and incentives, The Savoy now features 19,000 square feet of meeting space, which includes 10 meeting rooms; the largest, the Lancaster ballroom, accommodates 500 for seated banquets. Other areas where private group events can be organized include two eateries, the Savoy Grill and the River Restaurant, and two bars, the famed American and the new Beaufort Bar.