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 d├ęcor 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.