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 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
iJobs Money & Business
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...