London's Ritz could be up for sale for $1 billion

This post was originally published on this site

https://i-invdn-com.akamaized.net/news/LYNXMPEB280W7_M.jpg
© Reuters. FILE PHOTO: An employee cleans outside the Ritz Hotel in London, Britain© Reuters. FILE PHOTO: An employee cleans outside the Ritz Hotel in London, Britain

LONDON (Reuters) – The Ritz London, one of the most prestigious hotels in the world, could be put up for sale after its businessmen owners David and Frederick Barclay received several unsolicited offers for the establishment in Piccadilly.

The directors of the hotel said last month they believed its value was more than 800 million pounds ($980 million), given its freehold tenure, location near St James’s and Buckingham Palaces, quality of the building, casino lease and brand name.

They said in the accounts “the business is not and has not been marketed for sale”.

The Barclays (LON:), who also own the Daily Telegraph newspaper, however had received a number of unsolicited bids for the hotel, according to source close to the brothers.

Opened in 1906 by Swiss hotelier Cesar Ritz, the hotel became a favorite of royalty, politicians and film stars.

It had a turnover of 47 million pounds in 2018 and made an operating profit of 15 million pounds, according to accounts filed last month.

A representative of the Barclay brothers declined to comment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment