Mandarin Oriental buys Madrid’s Hotel Ritz

LUXURY CHAIN Mandarin Oriental has acquired the Hotel Ritz in Madrid for € 130 million in a joint venture with Saudi Arabian multinational the Olayan Group, and has now taken over management of the property.

Each company holds a 50 per cent share of the five-star hotel, which first opened in 1910 and has 167 rooms.

The property will undergo a € 90 million renovation in 2017, which will include the refurbishment of all rooms and public areas, and the introduction of a spa and new restaurants and bars.

It is located on Plaza de la Lealtad, close to Atocha station and the city’s major cultural attractions. mandarinoriental.com