Mandarin Oriental to Acquire Madrid's Hotel Ritz for US$148 Million
Mandarin Oriental will acquire the 167-room Hotel Ritz, Madrid, in Spain for US$148 million in a 50/50 joint venture with the Olayan Group of Saudi Arabia. As part of the agreement, Mandarin Oriental will manage the property under a long-term contract and begin a thorough, US$103 million renovation in 2017. All rooms and public areas will be overhauled, and a new spa and a variety of new restaurants and bars will be added. The new owners are considering closing the hotel for the renovations, but that will be decided over the next 18 months. Meanwhile, the name of the hotel won't change right away, but it will be marketed and sold via Mandarin Oriental's channels. It will most likely be rebranded as Mandarin Oriental, Madrid, following the renovation, according to the lodging company. More details will be announced before renovations begin.