The team behind the $121M historic renovation of Hotel Ritz, Madrid

The 153-room Belle Epoque-era hotel will restore its crystal chandeliers, sculptures and antique paintings, and will bring back the glass roof over the main lounge. Photo credit: Hotel Ritz, Madrid (Rafael de La-Hoz, Gilles & Boissier collaborate for $121M historic renovation of Hotel Ritz, Madrid.)

The Hotel Ritz, Madrid, the 108-year-old property that was one of the original European hotels opened under hotelier Cesar Ritz, will close on February 28 for a $121-million renovation and reopen late next year.

Spanish architect Rafael de La-Hoz will oversee the exterior elements of the renovation, while French firm Gilles & Boissier will handle the interiors.

Owner Mandarin Oriental will upgrade the 153-room Belle Epoque-era hotel by restoring its crystal chandeliers, sculptures and antique paintings, and will bring back the glass roof over the main lounge.

The revamped accommodations will have a residential feel. The 47 suites will have design elements that pay homage to the hotel’s historic connections to the city, as well as to Spanish culture and art. The 2,000-square-foot Royal Suite will have views of Madrid and the Prado museum.

The al fresco restaurant will be relocated for direct access to the terrace, and a new bar will be added.

Meeting rooms will also be updated, while wellness amenities will include a new fitness center, indoor pool and spa.

Mandarin Oriental, along with the Olayan Group, acquired the hotel in 2015 for $148 million.

Located within Madrid's "Golden Triangle of Art" near the Prado, the Thyssen-Bornemisza and the Reina Sofia Museum of Modern Art, the Hotel Ritz Madrid opened in 1910, five years after the Hotel Ritz Paris.