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The Ritz London, an emblematic luxury hotel in the heart of the British capital, was sold to a Qatari investor for around 900 million euros. The name of the buyer has not yet been revealed.
The London’s Ritz Hotel, a prestigious British palace, has been sold to a Qatari investor by the wealthy Barclay brothers. The sale was announced on Friday, March 27 by the British law firm Macfarlanes, which advised the Qatari investor before the acquisition.
The exact amount of the transaction has not been revealed yet, but would be between 700 and 800 million pounds according to the British press, i. e. around 900 million euros.
“It is a privilege to become the new owner of the iconic Ritz Hotel and to have the opportunity to perpetuate its style and traditions“, said a spokesman for the Qatari buyer in a message relayed by Macfarlanes.
Founded in 1906, the Ritz Hotel in London had only been sold twice in its 114-year history. This is therefore the third sale, this time by the British Barclay family, which acquired the hotel in 1995 for £75 million.
The announcement of the sale on March 27 coincided with the painful closure of the hotel two days earlier in the context of the Covid-19 pandemic. On Wednesday 25 March, the hotel announced on its Twitter account: “It is with great sadness that we have taken the decision, following Government’s advice, to temporarily close the Ritz London, the first time in our history. As soon as it is safe to do so, we will reopen our doors. Please take great care of yourselves. »
According to the investor’s spokesperson, the sale of the Ritz was intended to help the 450 employees at a time of crisis and to reopen the doors of the establishment as soon as possible once the coronavirus pandemic is over.
But the sale of the hotel has above all highlighted the misunderstanding of twin brothers David and Frederick, who wanted to sell the hotel for months but were unable to agree on the sale price. One of the Barclay brothers even disputes that the hotel has been sold: “We are surprised and disturbed by the announcement that the Ritz Hotel has supposedly been sold. We were not consulted, nor did we approve the sale“, a representative of Frederick Barclay told the Financial Times.
The name of the new owner of Ritz Hotel remains unknown to this day, although the news that a Qatari man bought one of London’s most famous landmarks is no longer so surprising. The Qatar Investment Authority already owns Harrods, London’s most iconic store, as well as the Canary Wharf financial district.
A final emblem of European luxury, the jewel of London with its rich history, is therefore once again in Qatar’s hands.
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Featured Photo : © The Ritz London / Facebook[/vc_column_text][/vc_column][/vc_row]
