Mandarin Oriental International Limited has spent €130 million (US$148 million) to acquire the Hotel Ritz, Madrid in a joint venture with The Olayan Group, a Saudi Arabian multinational group.
Both groups will hold a 50 per cent share. The hotel - which was managed and owned by Belmond as the Hotel Ritz by Belmond (the former Orient-Express Hotels) will now be managed by Mandarin Oriental.
The 167-room hotel will undergo a €90 million (US$103 million) renovation in 2017. The works will include the refurbishment of all rooms and public areas, as well as introducing a spa and a variety of new restaurants and bars.
The property is close to Madrid’s financial and commercial district, as well as a number of cultural attractions, including the Prado Museum and Retiro Park.
“We are pleased to join with Olayan for this project, which presents an opportunity to extend our portfolio to another key European capital city,” said Edouard Ettedgui, group chief executive of Mandarin Oriental.
For more information, visit mandarinoriental.com