• Madrid bid from Marriott

Marriott looks set to win the bidding for Madrid’s Hotel Ritz. The company’s EUR130m proposal will also unlock restrictions on use of the Ritz name in the Spanish market, reports Expansion.

The property will need an investment of EUR40-50m to upgrade to a Ritz-Carlton, with the number of rooms likely to be reduced from today’s 137 with 30 suites. Joint sellers Alicia Kopolowitz and Orient-Express paid EUR125m for the property in 2003.
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