MADRID, SPAIN—Belmond Ltd. has sold its 50% interest in the 167-room Hotel Ritz by Belmond here to the Mandarin Oriental International Limited and The Olayan Group. In addition, the company has severed its agreement to manage the property.
As part of the transaction, Belmond and 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 CEO 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.”
Belmond Ltd. owns and operates 44 hotel, rail and river cruise experiences.