Mandarin Oriental subjects the Ritz Hotel to a major restoration22 March 2018
The establishment in Madrid will receive an investment of 99 million euros through the end of 2019
The Mandarin Oriental group, which acquired the Ritz Hotel in Madrid in 2015 for $148 million (€120 million) in a joint venture with the Saudi investor The Olayan Group, has closed the establishment for its integral restoration.
The doors of the legendary Ritz Hotel closed at the end of February, and are expected to reopen at the end of 2019. The restoration works will entail an investment of €99 million, of which Mandarin Oriental will contribute its corresponding 50% as partner of the joint venture which owns the establishment.
During the restoration, the hotel's employees will undergo training programs or be temporarily relocated, until it is reopened, in other establishments owned by Mandarin Oriental, which manages the Ritz through a long-term agreement.
The CEO of the Mandarin Oriental Group, James Riley, affirms: “For over 100 years, the Ritz has been an icon in this vibrant city. This thorough restoration, combined with the exemplary Mandarin Oriental service, has the goal of guaranteeing that the property will retain its legendary status as one of the world's best hotels. Our intention is for the local community to feel even greater pride for this historic milestone when we host it again after our reopening.”
The Ritz opened its doors in 1910 and has always been a luxury hotel. For over a century, it has been home to royal families, politicians, prominent businessowners and celebrities, and has actively participated in Madrid's social life. The owners point out the relevance of its location, in the golden triangle of art comprised by the Prado, Thyssen-Bornemisza and Reina Sofía Museums, and positioned in one of the capital's most exclusive residential areas.
Recovering the original
The hotel owners wish to conserve the Belle Époque style of the original building while improving its installations and even adding new ones, like a spa, gym and covered pool. The historical context of the building has been entrusted to the hands of the architect Rafael de La Hoz, and the French designers Gilles & Boissier will give its interior a new flair.
The hotel, with 106 rooms and 47 suites, will have decorative elements inspired by its historic relationship with the city, its culture and Spanish art. The Royal Suite, measuring 188 square meters, will overlook the Prado Museum. The protagonism of the shared areas will be assumed by a series of valuable artwork from the hotel's collection, which include crystal candelabra, ancient paintings and sculptures.
The common spaces will recover many of the previous architectural features, like the glass roof that originally shed light into the main lounge. The main restaurant will also return to its original location, with direct access to the terrace with garden. Furthermore, a new bar will strive to attract the hotel's clients and Madrid's residents alike.