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In a joint venture with Mandarin Oriental, The Olayan Group acquired The Hotel Ritz in Madrid for $148 million on May 22. The Olayan Group and Mandarin Oriental will each own a 50% interest of the Hotel Ritz Madrid from its previous shareholders.

The property was purchased from Belmond Spanish Holdings S.L.U, and Landis Inversiones, S.L. The hotel will undergo a $103 million renovation in 2017. All of the rooms and public spaces will be refurbished and several new amenities will be added including restaurants and a spa.

Starwood Capital and The Olayan Group have sold the brand new Baccarat Hotel  in New York City to Sunshine Insurance Group Co., a Chinese insurance firm. The Group had invested in the hotel through a joint venture with Starwood Capital in February 2011.

Olayan Financing Company has acquired 51% of Gulf Union Foods Company (GUFC), a leading beverage maker in Saudi Arabia and the Gulf that specializes in fruit juices. 

As part of the transaction, Jadwa Investment, a Saudi private equity house and investment bank, sold its entire 30% stake in GUFC to Olayan Financing Company (OFC). Based in Riyadh, OFC is the Middle East arm of The Olayan Group.