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Billionaire twins Sir David and Sir Frederick Barclay have recently spent millions on the Ritz Club amidst reports of early stages of a sale deal for The Ritz Hotel<\/p>\nBillionaire twins Sir David and Sir Frederick Barclay have recently spent millions on the Ritz Club amidst reports of early stages of a sale deal for The Ritz Hotel<\/p>\n
The Ritz Club, featuring some of the most popular table games, is a high-fend casino housed in the basement of The Ritz. While previously a hot spot for wealthy gamblers, the gaming facility has now been underperforming for an extended period.<\/p>\n
As per corporate documents, the Barclay twins have\u00a0poured in \u00a38 million on the club\u00a0after entering initial discussion to sell The Ritz to interested investors. It is not known if The Ritz Club would be part of the deal.<\/p>\n
The Ritz Club reported a\u00a0pre-tax loss of \u00a38.9 million\u00a0in 2018. In 2017, the club reported a \u00a311.3 million pre-tax loss, while the Barclays spent \u00a310 million on the operation.<\/p>\n
The billionaire businessmen\u00a0had bought The Ritz along with the casino in 1995 for \u00a375 million<\/strong>. Besides the Ritz Club, the property also has 25 suites and 111 hotel rooms, multiple food and beverage outlets, and the iconic Palm Court.<\/p>\n Earlier this month, it was reported that the Barclays were considering a Saudi Arabian private investment company, Sidra Capital, to offload The Ritz. While the price offered for the 5-star hotel in London\u2019s West End was not revealed, the brothers are believed to be asking for at least \u00a3750 million for the property.<\/p>\n Sidra has been trying to enter London\u2019s hotel industry for a while. The company\u00a0lost a bid to acquire Grosvenor House\u00a0on Park Lane in 2018. It now owns many properties across the UK, including St. James\u2019 Squares in the British capital and Kinnaird House near Trafalgar.<\/p>\n The company has also invested in buildings across Scotland currently given on lease to Sainsbury\u2019s as well as a Travel Lodge near Terminal 5 of Heathrow Airport. It also manages various properties in the Netherlands, the US, and the UAE.<\/p>\n Speculations of the Barclays looking to sell The Ritz have been doing circles since last October when it was revealed that unsolicited bidders had approached the twin businessmen for the property. Sources also noted that the current owners of the luxury hotel might be ready to sell it if they receive a good offer.<\/p>\n The speculations of the potential sale were further fuelled by the fact that valuation for The Ritz was part of the property\u2019s latest financial accounts. The\u00a0estimated value of the property stood at about \u00a3800 million<\/strong>. It echoed the hotel\u2019s freehold tenure, prime location not far from the Buckingham Palace, the brand name, the quality of the building, and the casino lease.<\/p>\n","protected":false},"excerpt":{"rendered":" Billionaire twins Sir David and Sir Frederick Barclay have recently spent millions on the Ritz Club amidst reports of early stages of a sale deal for The Ritz Hotel The Ritz Club, featuring some of the most popular table games, is a high-fend casino housed in the basement of The Ritz. While previously a hot […]<\/p>\n","protected":false},"author":4,"featured_media":35945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2,11,8],"tags":[],"class_list":["post-40508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-europe","category-gaming","category-headlines","category-latest"],"yoast_head":"\n