Belmond owner linked to Ritz sale
According to The Times Bernard Arnault, the 70-year-old billionaire chairman of the LVMH Moet Hennessy Louis Vuitton luxury goods group, is among the parties interested in the property.
LVMH is no stranger to the high-end hotel market, having bought the Belmond group for over £2bn in 2018. It also owns the Cheval Blanc luxury hospitality group, which operates ski resort Courcheval in the Alps.
The Ritz has been owned by twins David and Frederick Barclay since they bought it for £75m in 1995. The pair, currently embroiled in a family feud, have a portfolio that includes The Telegraph newspaper and The Beamont Hotel in Mayfair.
In a rare public statement yesterday (4 March) Frederick told the Press Association that he has received bids for The Ritz exceeding £1bn. He has reportedly threatened to sue his brother if the property is sold for a lower price.
Arnault is among 13 interested parties to have been allowed to conduct due diligence, according to The Times.
Sidra Capital, which represents several Saudi Arabian families, has also been linked to the sale.
The Ritz was originally opened by Swiss hotelier Cesar Ritz in 1906. Its restaurant won a Michelin star in the 2017 edition of the red book.
BigHospitality has contacted LVMH for further comment.
