The Lanesborough hotel in London, owned by the Abu Dhabi Investment Authority, is auctioning off its furniture, silken drapes and chandeliers as the quintessential hotel prepares for a makeover. Courtesy Starwood Hotels and Resorts
The Lanesborough hotel in London, owned by the Abu Dhabi Investment Authority, is auctioning off its furniture, silken drapes and chandeliers as the quintessential hotel prepares for a makeover. Courtesy Starwood Hotels and Resorts
The Lanesborough hotel in London, owned by the Abu Dhabi Investment Authority, is auctioning off its furniture, silken drapes and chandeliers as the quintessential hotel prepares for a makeover. Courtesy Starwood Hotels and Resorts
The Lanesborough hotel in London, owned by the Abu Dhabi Investment Authority, is auctioning off its furniture, silken drapes and chandeliers as the quintessential hotel prepares for a makeover. Court

Dawn of a new era for London hotel owned by the UAE


  • English
  • Arabic

LONDON // In a discreet side room of the genteel Lanesborough hotel at London’s Hyde Park Corner, fixtures, fittings and furnishings are being sold at a pace of 600 or more lots a day.

The interiors of the hotel owned by the Abu Dhabi Investment Authority are being auctioned ahead of its temporary closure for a complete refurbishment of the building.

The Lanesborough is a masterpiece of Regency-era London and a landmark that begins Park Lane’s parade of upmarket hotels.

It has also been the embodiment of discretion, its customers – celebrities, royalty and wealthy Arabs and Russians – have cherished the strict no-cameras policy and 24-hour butler service.

As the faux-Regency furniture, silken drapes and splendid chandeliers are sold, only those guests who have peeked curiously into the auction room have any idea of the immense changes about to be made to their favourite London bolthole.

Like the lots on sale, the auction attendees are a mixed bag, though most have a rather gentlemanly air – certainly not the hard-eyed second-hand dealers one might expect at a sale of hotel furniture. There are a good number of Barbour jackets and cashmere scarves on this cold day.

That’s because this is not just any hotel furniture. The 93 guest rooms include 43 extravagant suites, private dining rooms and public rooms such as The Library Bar and the Michelin-starred Apsley’s Restaurant. Among the standard hotel fittings – digital room safes, umbrella stands and luggage racks – are some real treasures.

The William IV and Empire-style furniture, though reproduced, was handcrafted and the immense carpets and rugs were custom-woven.

The oil paintings that were dotted around the hotel included some beautiful original works dating from the 17th century. There was also a mural by Simon Casson.

In Apsley’s, the crystal chandeliers are spectacular artefacts of Art Deco design.

The refurbishment is not to be a wholesale removal of original features in this grand building. The Lanesborough was built in 1822 as a hospital and, although it is now one of London’s most established hotels, it was only opened as such in 1991. It is operated by St Regis hotels.

Replacing the elegant but slightly fusty Regency look will be a design scheme by the late interior designer Alberto Pinto, who died in 2012 at the age of 69.

The Casablanca-born and Paris-based Pinto's plans for the Lanesborough honoured the historical architecture but were to introduce the technological innovations expected as standard in five-star establishments.

Geoffrey Gelardi, the managing director of the Lanesborough, welcomed the refurbishment.

“Through Alberto Pinto’s talent and vision combined with the latest innovations, we will undoubtedly reaffirm ourselves as one of the most distinguished and luxurious hotels in the world. We look forward to unveiling a new era for the Lanesborough,” he said.

The sale of the 3,000 lots concludes on Friday and the hotel is to close its doors on December 20, after which all the purchases can be taken away.

The all-new Lanesborough is expected to reopen in the final quarter of 2014.

For information on the sale, visit www.thelanesboroughsale.com

newsdesk@thenational.ae

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The Melbourne Mercer Global Pension Index

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Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

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