HAMILTON, Bermuda–Belmond Ltd. (NYSE:BEL) (the “Company”) today announced the sale of its 50% interest in the 167-room Hotel Ritz by Belmond in Madrid, Spain, to a joint venture between Mandarin Oriental International Limited and The Olayan Group. At the same time, the Company ended its agreement to manage the hotel.
As part of the transaction, the Company, along with its joint venture partner, Omega Capital S.L., sold the entity that owns the hotel, Hotel Ritz Madrid SA.
“The successful completion of the sale of Hotel Ritz is another positive step in our strategy of disciplined capital recycling,” said John Scott, president and chief executive officer of Belmond Ltd. “We are pleased to have achieved such an attractive price for the sale of the hotel and to be passing on the stewardship of this historic landmark to its new owners.”
Media requiring more information should contact Ralph Aruzza, Chief Sales & Marketing Officer on [email protected] or +1 212 764 8238.
