HAMILTON, BERMUDA— Orient-Express Hotels Ltd. announced that it has acquired Madrids leading hotel, The Ritz, for US$135 million (euro 125 million), in a 50/50 joint venture with Omega Capital, a major Spanish investment company. Orient-Express will operate the 167-room hotel under a long-term management contract. Located in the cultural heart of the historic center of Madrid beside the Prado Museum, the Hotel Ritz offers 30 guest suites; four conference and banqueting suites; Goya, an indoor restaurant that seats 74, and the famous Ritz Terrace which seats 66 in the hotels beautiful gardens. Simon Sherwood, president of Orient-Express Hotels said, “We have agreed with Omega on a euro 25 million improvement plan which will include a conservatory type dining terrace, additional and better conference, spa and banqueting facilities, upgrade of technical aspects and enhancement of the garden.” The Ritz is Orient-Express Hotels second property in Spain, the other being La Residencia in Mallorca, acquired in February 2002.
