Mandarin Oriental announced that it is to acquire the Hotel Ritz for €130 million in a joint venture with the Olayan Group, a Saudi Arabian multinational group.
Mandarin Oriental and Olayan will each hold a 50% interest in the joint venture, which is purchasing all of the shares in the owning company, Hotel Ritz Madrid, S.A.
The hotel will undergo a comprehensive renovation in 2017. The renovation will encompass all rooms and public areas, with the Hotel also benefiting from the addition of a spa and a variety of new restaurants and bars, all designed to enhance the property’s position.
The 167-room Hotel, which first opened in 1910, is located within an exclusive residential area close to Madrid’s financial and commercial district and a number of the city’s most famous cultural attractions, including the Prado Museum and Retiro Park.
Mandarin Oriental Hotel Group is the award-wining owner and operator of some of the most luxurious hotels, resorts and residences.