The Ritz reveals five-star profit as hotel value is lifted to £735m
THE VALUE of the iconic Ritz hotel in Piccadilly has been lifted to £735m after a record year where it earned the highest revenue in its 107-year history.
The landmark building, owned by Sir David and Sir Frederick Barclay, upped the price of its fixed assets after receiving “several unsolicited approaches” to buy it, according to company accounts to the end of last year.
The directors said they had raised the value – which stood at £625m in 2010 – after taking into account “the freehold tenure, the location, the constant superior maintenance of the property, the value of the casino lease and the unique Ritz brand”.
Despite tough economic times, revenue soared to £35.4m last year, up from £32.3m in 2011, while operating profit was up to 11.5m last year, compared to £8.5m in 2011. Meanwhile net profit rose to £6.7m last year, up from £6m in 2011.