The Barclay brothers are said to be toying with the idea of selling the Ritz hotel, after receiving an offer of £800 million.
Sir David and Sir Frederick, 84, are believed to be canvassing interest from potential buyers of the glamorous hotel with a proposed price tag of £800 million, according to The Times.
A sale of such an amount would equate to each of the 136 guestrooms selling for a cool £5.8 million per room.
Charles Human, a managing director at HVS, a hotel valuation company, said the buyers were ‘likely to be outside Europe, perhaps Asian or Middle Eastern.
The owners of the iconic five-star luxury London hotel The Ritz are said to be toying with an offer of £800 million (pictured, guests enjoying afternoon tea at Palm Court in the hotel)
Sir David and Sir Frederick, 84, are said to be considering an offer of £800 million for the luxury hotel
The luxury hotel first opened it’s doors on 25th May 1906 and quickly gained a reputation as London’s most prestigious hotel.
The Barclay twins purchased the hotel in October 1995 for £75 million, before spending £40 million restoring it to its former grandeur.
Visitors to the hotel have included members of the royal family The Queen Mother, Prince Charles and Camilla, with the Queen hosting a party at the hotel’s restaurant in 2002.
Meanwhile celebrity guests have seen everyone from Charlie Chaplin and Paul Getty, to Winston Churchill and President Eisenhower walk through the doors of the hotel.
The hotel, which has over 136 bedrooms and 25 suites, could be sold for £800 million, or £5.8 per room
The luxury hotel first opened it’s doors on 25th Mary 1906, and is still considered one of the most prestigious hotels in London
While it’s not known who has placed the incredible offer to the Barclay brothers, one of the possible front runners to take the reigns may be the Qatari royal family.
The family bought out the Barclay’s controlling stake in the Maybourne Hotel Group, the company behind Claridge’s, the Berkeley and the Connaught in 2015 in a deal estimated to be worth £1.5 billion.
Charles Human, a managing director at HVS, a hotel valuation company, told The Times that the buyers are most ‘likely to be outside Europe, perhaps Asian or Middle Eastern’.
The Barclay family are perhaps best known as the proprietors of the Telegraph Media Group, which they bought in 2004.
Who are the Barclay brothers?
British billionaires Sir David Barclay and Sir Frederick Barclay are identical twin brothers with vast business interests in media, retail and property.
Their father died when they were 12, and by the age of 16 they set up a painting and decorating business, before moving into property.
In the 1970s, they bought up old boarding houses in London and started turning them into hotels.
The brothers moved into media in 1994, buying the European newspaper.
They now own the Daily Telegraph, Sunday Telegraph and the Spectator.
Sir David’s son Aidan has long managed the family’s businesses in the UK.
Source : Mail Online