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The Ritz confirms sale to private investor
Iconic London hotel The Ritz, home of Michelin-starred The Ritz Restaurant, has confirmed its sale to a private Qatari investor, reportedly for around £750 million.
In a statement, the hotel, which has temporarily closed its doors for the first time in over a century due to Covid-19, confirmed reports that it had been sold.
The statement read: “Following various press reports, we can confirm that The Ritz London has been acquired by a private Qatari investor. The hotel will remain closed due to the Covid-19 pandemic.
“As soon as it is safe, the new ownership together with the hotel’s team look forward to reopening the revolving door, and to the next chapter of Piccadilly’s iconic Grande Dame hotel.
“In the meantime, the new owners have confirmed their wish that all employees continue to receive their full salaries during this period of forced closure.”
It has been reported that the sale of the hotel could add further fuel to a bitter family feud between twin brothers and the former owners of the hotel Sir David and Sir Frederick Barclay.
Last month Sir Frederick Barclay, along with his daughter Amanda who works at The Ritz, launched legal action against four members of the Barclay family, including Sir David’s three sons. It was alleged that the hotel conservatory, where Sir Frederick holds meetings, had been bugged.
In a statement, Sir Frederick said he had received “a number of competing offers” for The Ritz in excess of £1 billion. He said that a sale below that price would give rise to “further litigation”.
While the sale price has not been disclosed, FT and Bloomberg have both reported that the total sum is less than £800m.
Rumours that The Ritz may be sold began to circulate last year.
The Barclay brothers originally bought the hotel for £75m in 1995. Their other business interests include the Telegraph Limited Group, which owns papers The Daily Telegraph and The Sunday Telegraph; Press Holdings, owner of the Apollo and The Spectator magazines; delivery company Yodel, and online retailer The Very Group.