Mandarin Oriental to acquire Hotel Ritz in Madrid for $197.3m
With a joint venture partner.
Mandarin Oriental will acquire the Hotel Ritz, Madrid for $197.3m (€130 million) in a joint venture with The Olayan Group, a Saudi Arabian multinational group.
Mandarin Oriental and Olayan will each hold a 50% interest in the joint venture, which is purchasing all of the shares in the owning company, Hotel Ritz Madrid, S.A., from its existing shareholders.