Hotels

Owners of London’s iconic Ritz hotel hint at $1.4 billion sale

The owners of the Ritz hotel in London have reportedly hinted they would part with the iconic hotel for no less than $1.4 billion.

The hotel, which was built in 1906 by Swiss hotelier Cesar Ritz, has played host to the likes of Prince Charles and Charlie Chaplin and was even used as a meeting place by Winston Churchill, Dwight Eisenhower and Charles de Gaulle during World War Two.

Since 1995, it has been owned by David and Fredrick Barclay, the famously private brothers who own London’s Daily Telegraph newspaper. A source close to the brothers told Reuters they had recently received a number of unsolicited offers for the hotel.

Reuters reported the hotels latest accounts confirmed it “is not and has not been marketed for sale”, but the source said the fact the hotel has been publically valued at more than 800 million pounds ($1.4 billion AUD) was a big hint from the brothers.

The hotel’s turnover was reported to sit at 47 million pounds ($86.5 million AUD) in 2018 with an operating profit of 15 million pounds ($28.6 million AUD), but the real value of the property lies in its prime location in the heart of Picadilly, near Buckingham Palace combined with its prestige.

“However, given it will be classed as a ‘trophy asset’, buyers might not be put off by a financial performance that doesn’t reflect the sale price,” Independent real estate expert Paul Olliff told Reuters.

“Whether it’s an inflated price or not, this should not be seen as an indication of the buoyant hotel market in the UK in a wider context, primarily because the Ritz is almost a ‘one-off.’”

Olliff said the hotel would attract global attention if it were to go on the market, with 10 or so ultra-rich individuals likely to want a piece of the action.

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Cruise

Uniworld sues MSC over $18.5m in damages from Venice ship collision

by Christian Fleetwood

Uniworld Boutique River Cruises has levelled a lawsuit against MSC Cruises over massive damages sustained in a Venice ship collision last year.

Share

CommentComments

Travel Agents

Agent Wrap: Registrations open for RWC 2023, Counselling for agents impacted by bushfires + MORE!

This week’s Agent Wrap is full of everything you need on a Friday: news of agents on voyages around the world, plenty of pictures and, most importantly, a short word count.

Share

CommentComments

Wholesalers

Wholesaler launches flexible European coach-touring brand

The new brand combines the convenience of escorted tours and the independence of FIT, with guaranteed departures on all tours, regardless of their size.

Share

CommentComments

Aviation

Aussie influencer slammed after tricking airline into free business-class upgrade

by Huntley Mitchell

An Australian influencer has copped a swathe of criticism after wearing a moon boot to successfully con airline staff into a free business-class upgrade.

Share

CommentComments

Destinations

South Australian Tourism Commission warned ‘Old mate’ ads weren’t “child-friendly” months before launch

Just released documents have shown that the SATC was warned its now infamous ‘Old mate’ ads were inappropriate months before the campaign even launched.

Share

CommentComments

Tourism

Flavour of the Week: Ex-Liberals leader named Boeing’s new regional boss, CMV’s team expansion + MORE!

If this edition of Flavour of the Week was a marine animal, it would be a blue whale. In other words, this wrap is an absolute whopper.

Share

CommentComments

Aviation

PHOTOS: Coco the very good rabbit scores a seat in business class

Nobody freak out, but we’ve got some very important news: this very cute bunny rabbit wearing a bowtie just scored its own seat in business class, and the photos are SO CUTE!

Share

CommentComments

Tourism

Coronavirus poses bigger threat to Aussie airports than SARS: analyst

Meanwhile, China has placed more than 18 million people in lockdown overnight as the number of those infected climbs to 650, with 18 confirmed deaths.

Share

CommentComments

Wholesalers

Wendy Wu Tours’ Aussie boss exits after less than three months

Troy Ackerman’s sudden departure follows that of Wendy Wu Tours global CEO Joe Karbo in July last year.

Share

CommentComments

Aviation

Qantas, Virgin Australia update pet travel policies following dog deaths

by Christian Fleetwood

Australia’s leading carriers will introduce further precautions on their pet policies, in association with the RSPCA.

Share

CommentComments

Aviation

Canberra Airport closed as fire services use airfield to fight “out of control” bushfire

Canberra Airport has cancelled departures and arrivals as its airfield is used by aviation fire services to facilitate aerial firefighting efforts.

Share

CommentComments

Hotels

Hotel Wrap: Accor’s new rideshare partner, Melia Hotels International opens first Thai hotel + MORE!

Welcome to the Hotel Wrap. This week’s addition features some gobsmackingly wonderful properties which we warn could cause a severe case of FOMO.

Share

CommentComments