The Ritz hotel sold to Qatari investor
Quarrelling billionaire brothers Sir Frederick and David Barclay have owned the luxury property since 1995, when they bought it for £75m.
London-based legal firm Macfarlanes said Friday it had advised on the acquisition of the Ritz by one of its private Qatari investor clients. The sale price was not disclosed, but it had been touted at £800m.
The Ritz closed on 25 March, as part of the coronavirus lockdown, for the first time in its 115-year history.
A spokesperson for the new owner, who remains anonymous, said: “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.
“During this Covid-19 crisis, our first priority is towards the staff of the Ritz, who together are the essence of the Ritz’s 115-year-old reputation. Once this pandemic has passed, we look forward to re-opening the hotel and to sharing our longer-term plans.”
Family feud
The sale has brought the ongoing feud over the Barclay assets between Frederick and his twin David’s side of the family back into the spotlight. Earlier this year a court heard that Frederick had been bugged by his nephew, with recording devices placed in the conservatory of the Ritz.
Frederick later threatened to sue the family of his twin if they tried to sell the hotel for less than £1bn.
A spokesperson for Frederick told The Guardian: “We are surprised and perturbed by the announcement that the Ritz hotel has allegedly been sold.
“We have neither consulted nor have we approved this sale. As we outlined earlier this month, any potential purchaser will face significant litigation if this deal is not approved by all sides.”
David’s two sons, Aidan and Howard, control the Barclay empire as directors of Ellerman Investments Ltd, the holding company of the family’s UK assets.
“We are pleased to have agreed a sale of the Ritz that secures great value for all shareholders, following a rigorous process led by independent advisers,” said a spokesman for Ellerman Investments Ltd.
"We also note that neither Sir Frederick nor [his daughter] Amanda Barclay have any relevant legal interest which would allow them to disrupt the sale.”
The Ritz was originally opened by Swiss hotelier Cesar Ritz in 1906.
