David and Frederick Barclay, the owners of the Ritz London hotel, hinted that they are open to selling the property for US$1 billion, Reuters reported, citing a source close to the twins.
The source said the Barclay twins have received several unsolicited offers for the property on Piccadilly. The latest accounts showed the hotel's valuation at more than £800 million.
Opened in 1906 by Swiss hotelier Cesar Ritz, the high society hotel offers 111 rooms, 25 suites, bars and restaurants, and the famous Palm Court. The Barclay twins have owned the property since 1995.
Citing independent real estate expert Paul Olliff, the report noted that the asset sale is expected to attract significant worldwide attention.
