DLA Piper has advised Arab investor The Olayan Group and Asian hotelier Mandarin Oriental Hotel Group (Mandarin Oriental) on the acquisition of the share capital of the company holding the Ritz Hotel in Madrid for  €130 million. The sellers were English operator Belmond (formerly Orient Express) and Omega Capital.

Mandarin Oriental already manages a hotel in Barcelona, however, this is the first real estate acquisition in Spain for both investors. It is the buyers' intention to close down the hotel for refurbishment and reopen it as a Mandarin Oriental-operated establishment.

Real Estate partner Orson Alcocer led the transaction alongside Legal Director, Inés Chamarro.  Corporate Legal Director Almudena Comin and Tax partner Miguel Baz, with senior associate María Alonso, provided assistance.

Orson Alcocer said: "The acquisition demonstrates the growing appeal of the Spanish real estate market to large, foreign investors and it is a trend that we expect to continue.

"Our deep knowledge of real estate transactions in the hospitality sector meant that the team was able to jointly advise both The Olayan Group and Mandarin Oriental to achieve this iconic acquisition."