Undisclosed Saudi Arabian families are in talks to purchase the famous Ritz Hotel in London.
Sister-publication Arabian Business reported the families are being represented by a private investment group and are talking with current-owners Sir David and Sir Frederick Barclay.
The Financial Times broke the news, saying the brothers are reviewing interest from Jeddah-based Sidra Capital. The brothers reportedly are looking for offers over US$979 million. The publication added both the Barclays and Sidra Capital have not yet commented.
The Barclays purchased the hotel in 1995 for approximately $97 million but have made investments worth tens of millions said The Financial Times.
Situated in most of the most popular areas of London, the Piccadilly-located hotel is one of the most iconic in London and popular amongst celebrities and tourists alike.
KSA investors show interest to buy London’s Ritz Hotel
Published: 22 January 2020 - 7 a.m.
By: Josh Corder