Saudi Fund Offered $1.6 Billion for Ritz Hotel Amid Family Feud - Bloomberg:
Saudi Arabia investment fund Sidra Capital offered 1.3 billion pounds ($1.6 billion) for the luxurious Ritz Hotel in London before it was eventually sold for nearly half of that sum to a private Qatari investor.
The bid was revealed Wednesday during a court dispute between two sides of one of the U.K.’s wealthiest families, the Barclays. The hotel, which opened in London’s Mayfair in 1906, was sold for less than 800 million pounds in March.
Billionaire identical twins Frederick and David Barclay bought the hotel for 75 million pounds in 1995. The once inseparable pair, who also own the Telegraph newspaper, have since handed control of their businesses to their children, who are now locked in a bitter family feud being publicly fought in the courts.
Frederick Barclay and his daughter Amanda are suing four of their relatives after Frederick discovered that his nephew Alistair had recorded his conversations with Amanda in the conservatory of the hotel. The two had been talking about “potential acquisitions and disposals of business assets” as well as the structure and financing of the group.
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| Ritz hotel on Piccadily in London on March 11. Photographer: Chris J. Ratcliffe/Bloomberg |
Saudi Arabia investment fund Sidra Capital offered 1.3 billion pounds ($1.6 billion) for the luxurious Ritz Hotel in London before it was eventually sold for nearly half of that sum to a private Qatari investor.
The bid was revealed Wednesday during a court dispute between two sides of one of the U.K.’s wealthiest families, the Barclays. The hotel, which opened in London’s Mayfair in 1906, was sold for less than 800 million pounds in March.
Billionaire identical twins Frederick and David Barclay bought the hotel for 75 million pounds in 1995. The once inseparable pair, who also own the Telegraph newspaper, have since handed control of their businesses to their children, who are now locked in a bitter family feud being publicly fought in the courts.
Frederick Barclay and his daughter Amanda are suing four of their relatives after Frederick discovered that his nephew Alistair had recorded his conversations with Amanda in the conservatory of the hotel. The two had been talking about “potential acquisitions and disposals of business assets” as well as the structure and financing of the group.
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