Billionaire Barclay Twins See Profits Rise At The Ritz
(Bloomberg) -- London’s Ritz Hotel, owned by the billionaire Barclay Brothers, said profits increased six percent last year, lifted by record revenue.
Sales at the Ritz, one of the world’s most expensive and well-known hotels, rose seven percent to 46.1 million pounds ($60.3 million), the highest level in its history. Gross profit rose to 24.8 million pounds, according to accounts filed to Companies House.
The Ritz opened its doors in 1906 and quickly came to symbolize luxury, frequented by Hollywood stars, politicians and royalty. Noel Coward wrote songs there, and former American first lady Jackie Onassis said “it’s like paradise.” Suites can cost more than 1,000 pounds a night.
David and Frederick Barclay, who were estimated to be worth 7.2 billion pounds in The Sunday Times Rich List of 2017, bought the hotel in 1995.
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