A private investment group that represents wealthy Saudi families are reportedly interested in buying Ritz Hotel in London from the wealthy Barclay brothers, Financial Times reported today.
Sir David and Sir Frederick Barclay are reviewing interest from Jeddah-based Sidra Capital, Financial Times reported citing people close to the discussions as saying.
According to FT, both Barclay brothers and Sidra Capital declined to comment on the topic.
The Ritz, which was opened in 1906 has always been seen as a symbol of high luxury. It has not changed ownership in 25 years.
The amount offered for the hotel is not known, but the report said that the brothers wanted at least £750 million.
The process to sell the five-star hotel has been under way for several weeks and several parties have expressed interest in it, FT reported citing a source.
Barclay brothers bought the luxury hotel for about £75 million in 1995 and have invested tens of millions of pounds to restore it, the report said.
(Writing by Seban Scaria firstname.lastname@example.org , edited by Daniel Luiz)
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