London's Ritz hotel has recieved offers worth over $1.3 billion

Several bids of more than £1.0 billion ($1.3 billion, 1.2 billion euros) have been received as offers to buy London's Ritz hotel, co-owner Frederick Barclay said on Wednesday. The luxury hotel in an 18th century Grade II-listed building overlooking Green Park in central London was put on the market last year. Barclay, who has owned the property with his twin brother David since 1995, said "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." Media reports have said bids for the 136-room hotel of about £700 million were less than hoped for. Potential bidders reportedly include a private investment group representing prominent Saudi families.