Mandarin Oriental JV buying Hotel Ritz Madrid

Singapore

MANDARIN Oriental International is buying Hotel Ritz, Madrid for 130 million euros (S$192 million) in a 50-50 joint venture (JV) with The Olayan Group, a Saudi Arabian multinational group.

A member of the Jardine Matheson group, Mandarin Oriental said on Friday that the JV is buying all of the shares in the owning company, Hotel Ritz Madrid SA, from its existing shareholders, Belmond Spanish Holdings and Landis Inversiones.