After intense rumours about the sale of RITZ Paris (presently owned by Mohamed Al Fayed), British media reports that the owners of the RITZ London are considering a sale of the iconic luxury property with a price tag that could make it the most expensive hotel in history.
According to a report in The Times today, the Barclay family is looking at options to off-load the five-red-AA-star, 136-bedroom for a reported GBP 800 million. RITZ Paris was reported to be for sale at a lower price, US$ 650 million, despite the fact that the Parisian property had undergone extensive renovations – which is not the case for the RITZ London.
The Barclay family, headed by twins Sir David and Sir Frederick, bought the hotel in 1995 through its company Ellerman Investments for £75m from Trafalgar House. In the intervening years, the family has since bought and sold the Cavendish London hotel and last year acquired the Beaumont hotel after Corbin & King relinquished the lease to freeholder Grosvenor.
In the most recent financial results for the Ritz London, lodged at Companies House, the hotel reported a 2.2% increase in turnover to £47.08m, with a pre-tax profit of £7.03m down from £12.8m the previous year.
Neither RITZ Paris nor RITZ London are associated in any way with The Ritz-Carlton. The two hotels are independently owned and run.
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