Mandarin Oriental announced that it has agreed to acquire the Hotel Ritz, Madrid for 130 million euros in a joint venture with The Olayan Group, a Saudi Arabian multinational group.
The hotel, founded in 1910 with the support of king Alfonso XIII, will undergo a comprehensive renovation in 2017, currently estimated to cost some 90 million euro. It will include the revamp of all 167 rooms and suites, plus the addition of a new spa, restaurants and bars. Located within an upscale residential area in central Madrid, the hotel will be managed by Mandarin Oriental under a long-term management agreement.
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