The historic The Ritz London has been sold over the weekend for a price under what was asked by its billionaire twin owners.
The 114-year old property sold for approximately £800 million, £200 million shy of what co-owner Sir Fredrick Barclay had originally asked for. According to reports, the sale is thought to have been rushed amid the coronavirus situation, with the sale taking place the same day the hotel closed its doors for the first time in history.
The hotel was bought by an undisclosed buyer from the Middle East on March 27. The buyer said: "It is a privilege to become the owner of the iconic Ritz Hotel," in a statement from Macfarlanes who advised on the acquisition.
However Sir Frederick Barclay has said that he had no knowledge of this sale, nor was he consulted on the matter. The billionaire brother went as far to say he would take legal action if the 1906 Mayfair property went for under £1 billion.
“We are surprised and perturbed by the announcement the Ritz hotel has allegedly been sold. We have neither been consulted nor have we approved this sale,” a representative from Sir Frederick Barclay told the Financial Times. “As we outlined earlier this month, any potential purchaser would face significant litigation if this deal is not approved by all sides.”
The representative for Barclay added: “Sadly we cannot get away from the fact that this deal, if it has occurred, appears to have been pushed through in the middle of the coronavirus crisis in the hope that it will be uncontested.”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