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.

Leave your reply

Most Recent Stories

Pictures: Brits brave beer gardens despite torrential bank holiday rain

Brave Brits were photographed enjoying a pint or two over the May bank holiday weekend – despite hostile weather conditions including torrential rain and powerful winds on the coldest May Day on record.

Jascots converts e-commerce arm into a new private members club

Jascots wine merchant is converting the e-commerce operation it launched during lockdown into a new private members club, as restaurants reopen on 17 May.

CMS offering 100 scholarships for online sommelier course

The Court of Master Sommeliers, Americas has launched an online Introductory Sommelier Course and exam designed to create more inclusivity in wine education.

Jason Atherton to open Harrods Social in Knightsbridge

Michelin-starred chef Jason Atherton is to open Harrods Social within the luxury department store in Knightsbridge when indoor dining begins again on 17 May.

Three star restaurant Eleven Madison Park to go vegan

Proving he’s unafraid of taking big risks, chef Daniel Humm is to turn his three-Michelin-starred New York restaurant Eleven Madison Park into a vegan venue.

Most Recent Stories

Pictures: Brits brave beer gardens despite torrential bank holiday rain

Brave Brits were photographed enjoying a pint or two over the May bank holiday weekend – despite hostile weather conditions including torrential rain and powerful winds on the coldest May Day on record.

Jascots converts e-commerce arm into a new private members club

Jascots wine merchant is converting the e-commerce operation it launched during lockdown into a new private members club, as restaurants reopen on 17 May.

CMS offering 100 scholarships for online sommelier course

The Court of Master Sommeliers, Americas has launched an online Introductory Sommelier Course and exam designed to create more inclusivity in wine education.

Jason Atherton to open Harrods Social in Knightsbridge

Michelin-starred chef Jason Atherton is to open Harrods Social within the luxury department store in Knightsbridge when indoor dining begins again on 17 May.

Three star restaurant Eleven Madison Park to go vegan

Proving he’s unafraid of taking big risks, chef Daniel Humm is to turn his three-Michelin-starred New York restaurant Eleven Madison Park into a vegan venue.