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London's Ritz could be up for sale for $1 billion

Thu, 10th Oct 2019 10:44

LONDON, Oct 10 (Reuters) - The Ritz London, one of the most
prestigious hotels in the world, could be put up for sale after
its businessmen owners David and Frederick Barclay received
several unsolicited offers for the establishment in Piccadilly.

The directors of the hotel said last month they believed its
value was more than 800 million pounds ($980 million), given its
freehold tenure, location near St James's and Buckingham
Palaces, quality of the building, casino lease and brand name.

They said in the accounts "the business is not and has not
been marketed for sale".

The Barclays, who also own the Daily Telegraph newspaper,
however had received a number of unsolicited bids for the hotel,
according to source close to the brothers.

Opened in 1906 by Swiss hotelier Cesar Ritz, the hotel
became a favourite of royalty, politicians and film stars.

It had a turnover of 47 million pounds in 2018 and made an
operating profit of 15 million pounds, according to accounts
filed last month.

A representative of the Barclay brothers declined to
comment.
($1 = 0.8173 pounds)
(Reporting by Paul Sandle; editing by Guy Faulconbridge)

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