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.