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by Lisa A. Grimaldi | August 08, 2012

The 160-room Paris Ritz has been shuttered for an extensive $160 million refurbishment. The historic property, which opened in 1898 and currently is owned by Egyptian tycoon Mohamed Al Fayed, will revamp its guest rooms with new décor and technology. Other enhancements include the renovation of all public spaces and three meeting rooms, and the creation of a new garden restaurant. The project is slated for completion in 2014.