The group said the work was likely to see the hotel closed until late 2019, with work set to include “significantly upgrading the hotel’s facilities and services”, under Spanish architect Rafael de La-Hoz, with French designers Gilles & Boissier appointed to oversee the interior renovation.
Situated within the city’s ‘Golden Triangle of Art’, an area home to the most important museums in the city – the Prado, the Thyssen-Bornemisza and the Reina Sofia Museum of Modern Art – the hotel has been a meeting place for the global and local elite for more than a century.
The hotel was built in 1910 by French architect Charles Mewes and Swiss hotelier Cesar Ritz at the request of King Alfonso XIII and purchased by Mandarin Oriental and Olayan Group, a Saudi multinational, in a 50-50 venture for £92 million in 2015.
All 106 rooms and 47 suites will undergo a transformation, including the creation of several one-of-a-kind speciality suites, including a 188 sq metre Royal Suite with views over the Prado museum.
The reinstatement of a glass roof in the heart of the hotel will brighten the central lounge in the way it did when the property first opened.
The hotel’s main restaurant will move to its original location, with direct access to the terrace, which will remain a space for al fresco dining. A new bar will also be created.
Other changes will include a new fitness centre, spa and indoor pool.
“For more than 100 years, The Ritz has been an icon in this vibrant city,” said James Riley, group chief executive of Mandarin Oriental Hotel Group. “This extensive restoration, combined with Mandarin Oriental’s exemplary service, is targeted to ensure the property retains its legendary status as one of the world’s great hotels. We intend to make the local community even more proud of this historic landmark when we welcome them again upon re-opening.”
The move is the latest investment by MOHG this year, following an earlier confirmation of a second property for London.