Hotel Ritz Madrid to undergo restoration
Mandarin Oriental International Limited has announced that Hotel Ritz, Madrid will close on 28 February 2018 for a €99 million (US$121 million) restoration, which is expected to complete in late 2019.
The work will upgrade the hotel’s facilities and services.
Its new guest rooms will be in a classic but contemporary residential style made up of 106 rooms and 47 suites.
The design of the public spaces will focus on the restoration of the hotel’s interior architectural features.
Other facilities will include a new fitness centre and indoor pool, together with a range of spa, heat and water experiences.
“For more than 100 years, The Ritz has been an icon in this vibrant city. This extensive restoration, combined with Mandarin Oriental’s exemplary service, is targeted to ensure the property retains its legendary status as one of the world’s great hotels.
“We intend to make the local community even more proud of this historic landmark when we welcome them again upon re-opening.” said James Riley, group chief executive of Mandarin Oriental Hotel Group.
Mandarin Oriental’s total investment for its share of the restoration is estimated at US$60.5 million to be funded through an appropriate mixture of equity and debt.