London’s Ritz Hotel Gets Bids of Over $1.3 Billion, PA Reports

The billionaire co-owner of the Ritz in London, Frederick Barclay, said suitors have submitted “a number of competing offers” in excess of one billion pounds ($1.3 billion) for the hotel, the Press Association reports, citing a statement. 

“There is no place for any sale at less than full value,” Barclay said, according to the statement. “I take great pride in the Ritz Hotel and its success ever since I personally wrote a 7.5 million pounds cheque as down payment in 1995.”

The entrance of the arcade outside The Ritz hotel in London.Photographer: Richard Baker/Getty Images
Barclay released the statement against the backdrop of a spat between the heirs of the two Barclay brothers, Frederick and his identical twin David. A hearing at the High Court in London last month revealed that Frederick was secretly recorded by his nephew at the Ritz Hotel.

In January, the Financial Times reported the Barclay brothers were in talks to sell the 114-year-old hotel to Sidra Capital, an investment group of wealthy Saudi Arabian families. Yesterday, the London-based Times also reported French billionaire Bernard Arnault is among potential bidders.

Source: Bloomberg

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