Barclay Brothers ‘May Sell Ritz For £800m’

The billionaire Barclay brothers are considering an offer of around £800m for London’s luxury Ritz hotel, a report claims.

The report says that Sir David and Sir Frederick Barclay, both 84, are said to be considering the offer for the property which they bought for £75m back in 1995 and subsequently spent £40m on renovating. It adds that this equates to a price of £6.1m per bedroom.

Charles Human, Managing Director at HVS, a hotel valuation company, has reportedly told The Times that the buyers are most ‘likely to be outside Europe, perhaps Asian or Middle Eastern’. The article suggests that the Qatari royal family may be interested in purchasing the hotel.

If accurate it would come as no surprise that overseas investors are interested, as a prime London property has been on many overseas investors’ shopping lists for some years now in almost Monopoly-like fashion. In an area where a single house can easily be worth £100m though, £800m for an entire luxury hotel could be considered quite cheap.

Source The Times
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