Puttin’ on the Ritz...hotel yours for £1bn
GLITZ, glamour and style, The Ritz has it all.And now the iconic London hotel is the target of a £1billion bidding war.
The Grade II-listed landmark in Piccadilly, one of the world’s most exclusive five-star locations, has been the subject of a number of offers.
And the Ritz, which opened in 1906, could be sold amid a family feud surrounding its billionaire owners, the secretive 85-year-old Barclay twins, Sir Frederick and Sir David.
The news comes a week after the High Court heard allegations that Sir Frederick had been recorded secretly for months after a nephew bugged the conservatory of the hotel.
Yesterday Sir Frederick said: “I take great pride in the Ritz
Hotel and its success ever since I personally wrote a £7.5million cheque as down payment in 1995.There are 450 employees who do a fantastic job.
“There have been a number of competing offers in excess of £1billion. I have no doubt such offers will be considered so that the Ritz is sold at the right time and for a proper price.
“A sale below the proper value would give rise to further litigation. I am deeply shocked and saddened about recent events involving unethical conduct and intrusion into my privacy. I hope we can get these family matters resolved.”
The twins bought the hotel for £80million from Trafalgar House in October 1995 via their firm Ellerman Investments.
They spent eight years and some £40million restoring it to “its former grandeur”.