Mandarin Oriental to operate Madrid's Ritz Hotel
In a joint venture with Saudi Arabian conglomerate The Olayan Group, Mandarin Oriental International Ltd is to acquire the Hotel Ritz Madrid in Spain for €130 million (€778,400 per room) from Belmond Hotels and Landis Inversiones. Mandarin will manage the 167-room hotel, which dates back to 1910, under a long-term contract, and Mandarin and Olayan will each hold a 50% share in the property. Following its sale, the hotel, in one of the city's exclusive residential areas, is expected to undergo an extensive renovation estimated to cost €90 million, which will increase the purchasers' total investment in the property to more than €1.3 million per room.
Hotel Indigo for Downtown Los Angeles
IHG (InterContinental Hotels Group), and Greenland USA, a leading developer of residential and commercial properties, announced the signing of the first Hotel Indigo® hotel in the city of Los Angeles, California. The 350-room, 18-story Hotel Indigo Downtown Los Angeles will be the flagship hotel at Metropolis, a more than $1 billion mixed-use development currently under construction. Metropolis will also feature three residential towers and a curated retail experience.
Nobu Hotel for Los Cabos, Mexico
Nobu Hospitality announces Nobu Hotel Los Cabos in collaboration with RCD Resorts, the first-ever Nobu Hotel in Mexico. Scheduled to open in 2017, this upcoming resort will be situated on the shores of the famed vacation hotspot – Cabo San Lucas, Mexico. The 200-room property marks Nobu Hospitality's ninth hotel, and is the second joint property between Nobu Hospitality and RCD Resorts following the announcement of the Nobu Hotel Eden Roc Miami Beach. Nobu Hospitality is a private company owned by Chef Nobu, Robert DeNiro and Meir Teper.
Le Meridien Budapest to become Ritz-Carlton Hotel
The Ritz-Carlton Hotel Company, L.L.C. has signed a deal with Al Habtoor Group, the UAE based conglomerate, which will see the opening of the first property from the luxury brand in the Hungarian capital. Located in the heart of Budapest, the 192 room and 26 suite hotel (now Le Meridien Budapest) overlooks Erzsébet square with commanding views of St Stephen’s Basilica. The property will undergo an extensive renovation set to commence at the beginning of 2016 and is due for completion in the second quarter.