The hotel scene of the Spanish capital has received a big piece of news – one of Europe’s original grand luxury hotels, Hotel Ritz Madrid, has been sold. Mandarin Oriental and Olayan Group (Saudi Arabia-based) have announced a joint acquisition of the iconic property, that was finalised in a deal worth $148 million. Hotel Ritz Madrid – once of Belmond acclaim – is a Baroque palace that has roots going back to 1910.

The hotel is anticipated to undergo a $103 million renovation in 2017, which will see a destination spa and new restaurants added to the mix. All guestrooms and public spaces will get a makeover, and the historic façade is scheduled for a refit in the coming months.

A new website for Hotel Ritz is coming soon: www.mandarinoriental.com/madrid.