Following the successful opening of Mandarin Oriental, Barcelona in 2009, the Group has announced a second hotel in Spain. Mandarin Oriental has acquired the Hotel Ritz, Madrid through a joint venture agreement with the Saudi Olayan Group. While the 167-room Ritz will keep its name, Mandarin Oriental will provide the management, orchestrating a comprehensive renovation in 2017 and introducing the Group’s superlative service and design flair to this grand European hotel. The delightful building – a Belle Epoque palace dating from 1910 with a terrace and lush gardens – is already a fond landmark in the Spanish capital, and with the addition of a luxury Spa and new restaurants and bars it will bring to the city a fresh luxury offering for Madrilenians as well as guests. Its location, an exclusive residential area, is close to the financial and commercial district, while some of Madrid’s world-renowned cultural attractions are just a stroll away, including the glorious Prado, where key works by Spanish artists Goya and Velázquez hang, and the beautiful Retiro Park – all tree-lined avenues and elegant sculptures.