The billionaire Barclay brothers are in talks to sell the Ritz Hotel in London to a private investment group that represents wealthy Saudi Arabian families, Report says, citing Financial Times.
David and Frederick Barclay are reviewing interest from Jeddah-based Sidra Capital. In the event the talks are successful, one of London’s most coveted properties may change hands for the first time in 25 years. The current owners acquired the luxury hotel, on the edge of St James and Mayfair districts of London, for about £75m in 1995.
The process of selling the hotel has been underway for several weeks, and a handful of parties have expressed interest. But some potential offers have fallen short of the price that the brothers hope to get.
One person working with another potential bidder said that the brothers wanted offers for The Ritz to surpass £750m, if not more.
The Barclay brothers and Sidra declined to comment.
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