Sidra Capital, representing wealthy Saudi Arabian families, is in talks with David and Frederick Barclay to buy the Ritz London hotel, according to London's Financial Times, citing people close to the discussions.
A person in charge of another potential bidder told the newspaper that the Barclay brothers wanted offers for the hotel property to surpass £750 million.
Opened in 1906 by Swiss hotelier Cesar Ritz, the high society hotel offers 111 rooms, 25 suites, bars and restaurants, among other features.
The Barclay twins, the property owners since 1995, hinted in October 2019 that they are open to selling Ritz London for $1 billion, according to a report from Reuters.
In November 2019, the billionaire brothers commenced the sale process for the hotel without a guide price, tapping Jones Lang LaSalle Inc. and Spartan Advisors LLC as brokers.