Yours for $1 billion: London's luxury Ritz hotel could be up for sale
LONDON - The owners of London’s Ritz hotel, a haven for royals, statesmen and movie stars, have hinted that they would be open to selling the luxury establishment for $1 billion, a source close to them said on Thursday.
The Ritz has been owned since 1995 by David and Frederick Barclay, twins who also own the Daily Telegraph newspaper. The pair usually decline interviews and give little away in public about their business strategy. The directors said in the accounts that the valuation reflected the hotel’s freehold tenure, its prime location on the busy Piccadilly thoroughfare near Buckingham Palace, the quality of the building, the casino lease and the brand name.
“However, given it will be classed as a ‘trophy asset’, buyers might not be put off by a financial performance that doesn’t reflect the sale price,” said Olliff, who is a legal director at law firm Ashfords’ real estate team.
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