To figure invested in buying the reform will require the building of between $ 55 million and $ 73 million, in addition to the Ritz and become the great rival of the Four Seasons that Juan Miguel Villar Mir prepares in Canalejas complex.
Koplowitz and Belmond bought the Ritz Hotel by a similar amount in 2003 and went on sale a year ago, when they hired consultants JLL to seek a buyer.
The Hotel Ritz, for which Marriott and Fairmont is also interested, has 137 rooms and 30 suites. In addition it was built in 1910, according to the wishes of King Alfonso XIII, since welcomes various aristocratic houses.
By participating in this operation, which has been advised by JLL, the Mandarin chain is with its second hotel in Spain, as it has an establishment in Barcelona since 2009.
Meanwhile, the Olayan Group is a relevant international investor with a strong presence in the Middle East. It consists of a conglomerate, is present in sectors such as real estate investment, distribution or services.
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