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22 January 2020
BUSINESS

Saudi investors set to buy London's famous Ritz Hotel

The Ritz, which was opened in 1906 has always been seen as a symbol of high luxury.

A champagne afternoon tea for two people costs GBP 170/Bloomberg

by Kudakwashe Muzoriwa

A private investment group that represents wealthy Saudi Arabian families is in talks with the billionaire Barclay brothers to by the Ritz Hotel in London, reported the Financial Times.

Sir David Barclay and Sir Frederick Barclay are reviewing interest from Jeddah-based Sidra Capital which may lead to one of London’s most coveted properties changing hands for the first time in 25 years. 

The amount offered for the hotel is not known, but the report said that the brothers wanted at least GBP 750 million.

The hotel in Piccadilly has been popular with stars from the actor Charlie Chaplin to the ballerina Anna Pavlova and was the scene of meetings between Winston Churchill, Dwight Eisenhower and Charles de Gaulle during the second world war. A champagne afternoon tea for two people costs GBP 170.

The process to sell the hotel has been underway for several weeks and a handful of parties have expressed interest but some of these potential offers have fallen short of the price that the brothers hope to fetch in the sale of the hotel.

Recently, Sidra Capital lost the bid for Grosvenor House. The firm previously acquired a series of UK property assets including Kinnaird House, an office building in Pall Mall, near Trafalgar Square. 

 


RELATED STORIES: Sir David Barclay Sir Frederick Barclay The Ritz Hotel Piccadilly Sidra Capital

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