Opened in 1910, the luxury palace, which was previously part of the Belmond group (formerly Orient-Express), has been bought by the Asian hotelier as part of a joint venture with Saudi investor Olayan. Scheduled for 2017, a €90 million renovation plan will restore the 167-room hotel near the Prado to its former glory. Plans include a spa, as well as new bars and restaurants.
Mandarin Oriental takes over the iconic Hotel Ritz in Madrid
Mandarin Oriental has officially acquired the Ritz in Madrid. The establishment will benefit from a vast renovation plan estimated at 90 million euros.
