Luxury hotelier Mandarin
Oriental and Saudi
Arabia-based Olayan Group have agreed to buy the 115-year-old
Hotel Ritz in Madrid for $148 million.
The current ownership group includes Belmond (formerly Orient-Express).
Oriental and Olayan said they will invest $103 million upgrading the property in
Mandarin Oriental has one other hotel in Spain, the 120-room Mandarin Oriental Barcelona, which was built in 2008.