Man­darin Ori­en­tal buys Madrid’s Ho­tel Ritz

Business Traveller - - UPFRONT -

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

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