Ritz raises valuation as interest from would-be buyers continues
The Barclay brothers have received "several unsolicited approaches" to buy The Ritz in London's Piccadilly, according to the luxury hotel's latest accounts.
This interest has led the directors to put a value of more than £735m on the hotel, which is one of the capital's most famous landmarks worldwide. This is up from £625m in 2010, when the accounts also stated that there had been interest in buying the hotel, which is perhaps best known for its afternoon tea that boasts 17 varieties of loose leaves.
The directors also pointed to "the freehold tenure, the location, the constant superior maintenance of the property, the value of the casino lease and the unique Ritz brand name" to justify the valuation of the hotel that charges more than £4,000 a night for its royal suite.
Until her death from a stroke in April this year, the former prime minister Margaret Thatcher spent her last months in a Ritz suite the size of a small flat with antique Louis XVI furnishings.
In 2012, despite operating in a "difficult economic environment", The Ritz also recorded the highest revenue figure in its 107-year history, at £35.4m, up from £32.3m in 2011. Operating profit increased 35.5 per cent to £11.5m.
The twin brothers, Sir David and Sir Frederick Barclay, who also own The Daily Telegraph, bought The Ritz for £75m 18 years ago.
In 2010, a jobless lorry driver, Anthony Lee, was found guilty of trying to sell the hotel for a knockdown £250m in a scam where he pretended to be a close associate of the Barclay brothers and obtained £1m through deception.
- 1 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
- 5 Zayn Malik quits One Direction: Hundreds of workers request compassionate leave following band member's exit
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Amanda Knox murder conviction: Italian court overturns verdict for US student and Raffaele Sollecito in the killing of Meredith Kercher
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...