Mandarin Oriental has announced that Hotel Ritz, Madrid will close at the end of February for a €99 million restoration.

The work is expected to complete in late 2019.

The extensive work will significantly upgrade the hotel’s facilities and services, while maintaining its unique character, encapsulated in the Belle Époque style of the original building.

Spanish architect, Rafael de La-Hoz, has been instrumental in providing the context for the historical restoration, while French designers, Gilles & Boissier, have been appointed to oversee the interiors with the aim of enhancing the property’s appeal to local and international guests alike while celebrating César Ritz’s pioneering spirit.

The duo has created a sophisticated design for the hotel’s new guestrooms, encapsulating a classic but contemporary residential style for the 106 rooms and 47 suites.

Within the suite inventory, there will be several one-of-a-kind speciality suites, featuring unique design elements inspired by the hotel’s historic connections to the city, Spanish culture and art.

The design of the public spaces will focus on the careful restoration of the hotel’s many fine interior architectural features, and will incorporate a number of valuable artistic pieces from the property’s collection including crystal chandeliers, antique paintings and sculptures.

Other facilities will include a new fitness centre and indoor pool, together with a range of spa, heat and water experiences.

“For more than 100 years, The Ritz has been an icon in this vibrant city.

“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.” said James Riley, group chief executive of Mandarin Oriental Hotel Group.

Mandarin Oriental Hotel Group acquired Hotel Ritz, Madrid in 2015 for US$148 million in a joint venture with The Olayan Group, a premier international investment group with a long history of success in the Middle East, Europe and the United States.

Mandarin Oriental and Olayan each hold a 50 per cent interest in the joint venture.

Mandarin Oriental’s total investment for its share of the restoration is estimated at US$60.5 million to be funded through an appropriate mixture of equity and debt.

Mandarin Oriental manages the hotel under a long-term management agreement.