The Olayan Group completed the acquisition of Mandarin Oriental in Barcelona from Reig Capital Group for €240m.

The Olayan Group, a private equity firm and hotel owner, completed the acquisition of Mandarin Oriental in Barcelona, a 120-room hotel, from Reig Capital Group, a family office that engages in managing the investments, for €240m ($262m). Mandarin Oriental is expected to continue operating the hotel, which is located on Barcelona’s famed street Passeig de Gràcia. The nine-floor hotel opened in November 2019.