Bids for The Ritz London reach $1.3bn
Undisclosed Saudi families are among those in talks for the property
Following the announcement Saudi families were eyeing to purchase the Ritz Hotel in London, its current owners have confirmed receiving offers in excess of one billion pounds (US$1.3 billion).
Reported by sister publication Arabian Business, co-owner Frederick Barclay said in a statement that: “There is no place for any sale at less than full value,” Barclay said, according to the statement. “I take great pride in the Ritz Hotel and its success ever since I personally wrote a 7.5 million pounds cheque as down payment in 1995.”
News the iconic 114-year old hotel was being sold first arose in late January. According to the Financial Times, the property’s owners had been reviewing interest from Jeddah-based Sidra Capital.
The Barclay brothers purchased the hotel in 1995 for approximately $97 million but have made investments worth tens of millions.