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New owners for Ritz Madrid

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 130 million euro deal will see the Hong-Kong based hotel group Mandarin Oriental and the Saudi Arabian Olayan Group each hold a 50% stake in the property, following the purchase of 100% of the shares in Hotel Ritz Madrid from its existing shareholders, Belmond (formely known as Orient-Express) and Omega Capital (owned by Alicia Kiplowitz, Marquise of Bellavista).

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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