Accras historic Ambassador Hotel is to get a 100 million dollar revamp financed by the multi billionaire entrepreneur and international investor Saudi prince Alwaleed Bin Talal Bin Abdul Aziz Alsaud. Construction is being overseen by an Italian company, M. Barbissoti and Sons, and is scheduled for completion in August 2008. The resulting luxury five-star hotel the New Ambassador will be managed by Movenpick Hotels and Resorts, an international Swiss hotel chain operating mainly in Europe and the Middle East. Built during the presidency of Kwame Nkrumah immediately following independence from Britain in 1957, the Ambassador quickly became an important social and political centre in the capital before falling into decline.