Big news out of the Spanish capital. Hotel Ritz Madrid—oft described as one of Europe’s original grand luxury hotels—now has new owners. Mandarin Oriental recently announced its joint acquisition with the Saudi Arabia-based Olayan Group of the prestigious hotel for $148 million. Formerly part of the Belmond collection, Hotel Ritz Madrid is a venerable institution in Madrid’s Golden Triangle; the hotel is a Baroque palace dating from 1910.
A $103 million renovation is slated for 2017, which will add a destination spa and a host of new restaurants. All guestrooms and public spaces will get a makeover. (Note: If you visit Madrid this summer, you’ll notice that the hotel’s historic façade is getting a refit. This project is independent of future plans for the hotel under Mandarin Oriental.) Hotel Ritz joins Mandarin Oriental’s other prestigious property in Spain, the Mandarin Oriental Barcelona. A new website for Hotel Ritz is coming soon: www.mandarinoriental.com/madrid