Belmond Announces Sale of Its Stake in Hotel Ritz by Belmond in Madrid
HAMILTON, Bermuda--(BUSINESS WIRE)--
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
Media requiring more information should contact Ralph Aruzza, Chief
Sales & Marketing Officer on email@example.com
or +1 212 764 8238.
About Belmond Ltd.
Belmond Ltd. is a global collection of exceptional hotel and luxury
travel adventures in some of the world’s most inspiring and enriching
destinations. Established almost 40 years ago with the acquisition of
Belmond Hotel Cipriani in Venice, the Company owns and operates 44
unique and distinctive hotel, rail and river cruise experiences in many
of the world’s most celebrated destinations. From city landmarks to
intimate resorts, the collection includes Belmond Grand Hotel Europe,
St. Petersburg; Belmond Copacabana Palace, Rio de Janeiro; Belmond
Maroma Resort & Spa, Riviera Maya; and Belmond El Encanto, Santa
Barbara. Belmond also encompasses safaris, six luxury tourist trains
including the Venice Simplon-Orient-Express, three river cruises and
‘21’, one of New York’s most storied restaurants. belmond.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20150521006490/en/
Martin O’Grady, +44 20 3117 1333
President, Chief Financial Officer
Brandt, +1 212 764 8210
Vice President, Investor Relations
Source: Belmond Ltd.