The new owners of Hotel Ritz Madrid, Mandarin Oriental International and the Olayan Group of Saudi Arabia, are expected boost in 2017 a complete renovation of the property with a budget estimated at 90 million euros after purchase for 130 million euros.
The Ritz Hotel is a five star luxury which celebrated its centenary in 2010 and is one of the establishments most emblematic of the Spanish capital.
Yesterday the sale of the hotel was known by 130 million euros to Saudi Olayan Group in partnership with the Mandarin hotel chain.
The previous owners, Omega Capital and Orient-Express had bought the hotel in April 2003 for 125 million euros.
Today it became known that the new owners will invest ninety million euros in renovation covering all rooms and public areas and various restaurants and bars.
The hotel has 167 rooms and last year posted revenues of 129 million euros.
The property is in a central area of Madrid, near the Prado Museum and the Thyssen-Bornemisza and its facilities have been members of European royalty in his visits to Spain, as well as personalities such as Ernest Hemingway, Grace Kelly and Prince Rainier of Monaco, Ava Gardner and Madonna, among others. ( EFE )
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