Co-owner of London's Ritz hotel Frederick Barclay has revealed that there have been bids of over £1 billion to purchase the property, which was recently put on the market.
The Irish Independent quotes Barclay as saying, "I can disclose that there have been a number of competing offers for this first-class hotel in excess of £1 billion.
"I have no doubt that such offers will be considered so that The Ritz is sold at the right time and for a proper price.
"There is no place for any sale at less than full value. A sale below the proper value would give rise to further litigation. This would be regrettable."
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