27 February 2018 – Invertia
Following the purchase of the Ritz hotel in 2015 for more than USD 148 million (€120.7 million), its current owners, Mandarin Oriental and the Saudi group Olayan, announced that they would subject the property to an extensive renovation to significantly improve its facilities and services.
The investment by Mandarin Oriental, which administers the hotel under a long-term management agreement, quantifies its stake in the renovation at USD 60.5 million (€49 million), which is going to be financed through an appropriate combination of capital and debt.
Whilst the hotel is closed, its staff will participate in training programs and/or will be sent on temporary assignments at other Mandarin Oriental establishments, in preparation for the grand reopening.
Following the remodelling, in which the Spanish architect Rafael de La Hoz is participating, along with the French designers Gilles & Boissier, the hotel will have 106 rooms and 47 suites and Mandarin Oriental will be added to its current name ‘the Ritz’.
The intention of the owners is to improve the facilities and services at the hotel but to conserve its essence, which is defined by the “Belle Epoque” style of the original building.
Sources at the Hotel Ritz have informed Efe that the construction work will involve the remodelling of the dome and the installation of a swimming pool, amongst other aspects.
The same sources have said that the furniture and objects of value at the hotel will be stored in warehouses in Madrid and that a decision will be taken in the future as to whether some of them will be sold directly or through auction.
The hotel, located in the so-called “Golden Art Triangle” of Madrid, has hosted members of royalty, politicians, magnates and celebrities since its inauguration in 1910.
Original story: Invertia
Translation: Carmel Drake
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Source:: AURA Real Estate Experts