One of former Qatari leader’s three wives named by industry insiders as new owner of Ritz Hotel
One of the former Qatari leader’s three wives has been named by industry insiders as the new owner of the world-renowned Ritz Hotel.
According to a source close to the deal to sell the hotel, the Ritz was bought by a ‘money manager’ acting for Sheikha Moza bint Nasser, consort to the former Emir of Qatar.
It is understood she bought the Ritz from the billionaire Barclay family through a Qatari investment vehicle she controls.
Buyer: Sheikha Moza bint Nasser is expected to refurbish the iconic Ritz Hotel
However, The Mail on Sunday can reveal that the Barclay family has kept hold of the Ritz Casino, which employs 185 staff and operates from the hotel’s basement 24 hours a day via a leasehold arrangement.
The Sheikha is the second of the three wives of Sheikh Hamad bin Khalifa al-Thani. In total, Qatar’s royal al-Thani family own more than 100 luxury hotels worldwide through various investment entities.
The Qataris have agreed to pay around £700 million for the Ritz and an adjoining building. They are expected to invest millions on refurbishing the five-star hotel. The casino, loss-making since 2016, has been involved in a number of legal disputes with wealthy patrons over unpaid gambling debts.
The Barclays have invested £18 million into the casino to cover trading losses in recent years. A property source called the decision to retain the casino ‘baffling’, adding: ‘It must be the only loss-making casino in Britain.’
A spokesman for Sheikha Moza did not return requests for comment.