London Ritz Sale Said to Fetch Less Than 800 Million Pounds - Bloomberg:
The sale of London’s Ritz Hotel by the U.K.’s billionaire Barclay twins fetched less than 800 million pounds ($997 million), according to a person familiar with the matter who asked not to be identified.
Law firm Macfarlanes said in a statement that it advised one of its private Qatari investor clients on the acquisition of the hotel that opened in London’s Mayfair in 1906.
“It is a privilege to become the owner of the iconic Ritz Hotel and have the opportunity to build on its innate style and grand traditions,” a spokesperson for the new owner said in the statement Friday.
The Ritz, which occupies a prime frontage in London’s St James’ district, is at the heart of a spat among the heirs of David and Frederick Barclay. The dispute became public last month after a court hearing that revealed Frederick was being secretly recorded by a nephew at the hotel.
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