The trustees are now looking for applicants to put their case to be considered for one of the scholarships.
The selection process will take place in April and the SET plans to announce the names of the successful applicants in May. These first three will then be able to begin their MBA courses in September.
A spokesman for the trustees said: “We want to equip future leaders in our industry with the technical knowledge required to confront the ever changing times, be they social, technological, economic or political.
“We have identified a need to help those who will guide, influence and lead the hospitality industry tomorrow in this continually changing world.
“The hospitality industry will continue to grow in the foreseeable future, both in the UK and internationally, and will continue to be more demanding and expect more from its leaders.
“It is therefore vital that these people are as well prepared and equipped as possible. If they run successful companies, we will see more employment, more investment and more growth and this will all help to turn the economy around.”
“This scheme will be open to as wide a range of applicants as possible and we anticipate the prospective candidates will currently be in a management position.
“They will be expected to have the equivalent of a good honours degree or professional qualification plus a minimum of three years relevant experience.
“However, applicants who have a clear record of attainment but who lack the normal qualifications will also be considered for entry.”
The Savoy Educational Trust, an independent charitable Trust, was founded by four directors of The Savoy Hotel limited in 1961, with the aim of advancing and developing training and education within the hospitality industry.
The Trustees award approximately £1m a year in grants to higher educational establishments, further educational colleges, schools, industry associations and individuals.
Full details of the eligibility criteria and the selection process are available on the Trust’s website: www.savoyeducationaltrust.org.uk.