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

Technology

Why the travel industry needs take cybersecurity seriously

by Ali Coulton

Cybersecurity isn’t the sexiest topic, but it can have massive implications for your business, your brand and of course, yourself. Here’s what you can do to counter data theft.

Share

CommentComments

Technology

“That middle-man model needs to evolve”: Troovo CEO says blockchain can solve inefficiencies

by Christian Fleetwood

It’s a technology that boasts a quarter-trillion-dollar industry gradually growing in importance, but why should the travel industry join in the blockchain craze? All is explained here.

Share

CommentComments

Technology

People the “most important” part of a digital tech strategy, says Jetstar’s digital chief

by Huntley Mitchell

It may sound weird, but Jetstar’s head of digital and delivery believes people are the most important element of a successful digital technology strategy.

Share

CommentComments

Technology

“It’s going to be a messy time”: Flight Centre on the scalability of NDC

by Huntley Mitchell

Still haven’t got the the faintest idea what NDC is? Play catch-up with this informative read.

Share

CommentComments

Technology

The biggest challenge facing Booking.com and other OTAs

by Huntley Mitchell

Booking.com’s regional boss kicked off the Travel Tech. Summit 2019 with an insightful keynote. Find out what she had to say here.

Share

CommentComments

Technology

Another Luxury Escapes bidder enters the fray

by Huntley Mitchell

It appears Luxury Escapes has pretty hot property right now, with yet another potential suitor showing interest in the online travel player.

Share

CommentComments

Hotels

Marriott to debut more than 30 luxe hotels in 2020

Much like the waistline of Travel Weekly’s editor (thanks to some early office Christmas gifts), Marriott’s presence is set to expand significantly.

Share

CommentComments

Cruise

“No survivors”: Royal Caribbean passengers feared dead after New Zealand volcanic eruption

by Ali Coulton

Multiple Australian travellers are feared dead after one of the world’s most active volcanos erupted in New Zealand during a cruise ship shore excursion.

Share

CommentComments

Aviation

Qantas inks new frequent flyer deal with Air France-KLM

Proving customer loyalty programs are big business comes this freshly-inked partnership between two aviation giants.

Share

CommentComments

Destinations

Queensland to bid for 2032 Olympics and Paralympics

Queensland is hoping to score the Olympics and Paralympics. No word yet though on whether Toowoomba or Mount Isa have been mooted to host the opening ceremony.

Share

CommentComments

Destinations

The safest and most dangerous destinations for LGBTQ+ travellers

As we approach 2020, it’s difficult to believe that for LGBTQ+ people, planning a trip can still be a minefield. Check out this helpful list to help keep your clients safe.

Share

CommentComments

Aviation

Jetstar ground crew to strike over unfair pay and safety concerns, says union boss

The Jetstar strikes saga continues, with ground crew and baggage handlers announcing they will walk off the job on Friday.

Share

CommentComments