DLA Piper Advise Olayan’s and Mandarin Oriental’s Grab of Ritz Hotel (€130 million)
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Mandarin Oriental International Limited (‘Mandarin Oriental’) announced that it is to acquire the Hotel Ritz, Madrid (the ‘Hotel’) for €130 million (US$148 million) in a joint venture with The Olayan Group (‘Olayan’), 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, Belmond Spanish Holdings S.L.U. and Landis Inversiones, S.L..
