Foreign Property News | Posted by Hnin Ei Khin
The billionaire co-owner of the 114-year-old Ritz hotel says he will consider selling it – but not for less than £1 billion.
Sir Frederick Barclay, 85, bought the London landmark hotel with his twin brother Sir David in 1995.
Last week, a court heard details about disputes within the family over the direction of the Barclays’ business empire.
Sir Frederick claims he was secretly recorded at the hotel for several months after his nephew bugged the conservatory.
Today, he said any move to sell the establishment for ‘below the proper value would give rise to further litigation’.
Several media reports suggested bids were at around £700 million for the hotel, less than the family had hoped for.
In a statement, Sir Frederick said: ‘I take great pride in the Ritz Hotel and its success ever since I personally wrote a £7.5 million cheque as down payment in 1995.
I can disclose that there have been a number of competing offers for this first class hotel in excess of £1 billion.’
The hotel employs some 450 people ‘who do a fantastic job’, the businessman said.
He said offers of £1 billion will be considered ‘so that the Ritz is sold at the right time and for a proper price’.
Sir Frederick said: ‘There is no place for any sale at less than full value.
A sale below the proper value would give rise to further litigation. This would be regrettable.
‘I am deeply shocked and saddened about recent events involving unethical conduct and intrusion into my privacy.
I hope we can get these family matters resolved so that we can all move on.’
The High Court heard last week that the hotel owner and his daughter Amanda claim Sir David’s three sons, Alistair, Aidan and Howard, and Aidan’s son Andrew, were parties to the recording of their private conversations over several months.
Sir Frederick and Amanda brought legal action alleging misuse of private information, breach of confidence and breach of data protection laws against their four relatives, and Philip Peters, who ‘holds a board position’ in the Barclay group of businesses.
Ref: Property Report
