French billionaire owner of Moet and Louis Vuitton goes cold on bid for The Ritz

By HARRIET DENNYS, FINANCIAL MAIL ON SUNDAY

Updated:

The billionaire owner of Louis Vuitton and Moet champagne is unlikely to make an offer for The Ritz, the MoS understands.

Luxury goods giant LVMH, controlled by French billionaire Bernaud Arnault, had mulled over a bid for the London hotel and was shown key documents and expansion plans. 

But LVMH is understood to have gone cold on the deal. The Ritz was put up for sale by the feuding Barclay family last October as part of business restructuring. 

Sir Frederick Barclay, the billionaire co-owner of the Ritz Hotel, says he has received competing bids to buy it for more than £1billion

Sir Frederick Barclay, the billionaire co-owner of the Ritz Hotel, says he has received competing bids to buy it for more than £1billion

Last week Sir Frederick Barclay, whose daughter Amanda owns 25 per cent of The Ritz, said he would sue other members of his family if the hotel is sold for less than £1billion.

Sir Frederick’s three nephews Aidan, Howard and Alistair – who own the remaining 75 per cent – hope to seal a deal for between £700million and £800million by the summer.

 

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