The Hotel Palace has an undeniable mystique, as it is a historic enclave in the city of Barcelona. For many, it will always remain the Ritz, and in fact, when you enter, you can't help but look around to see if Xavier Cugat's chihuahua is still lurking. If we are not staying there, we can access it to use its gastronomic offerings. We can go

The Palace Hotel in Barcelona, ​​the oldest luxury hotel in the Catalan capital, has been owned by the Algerian state for a few weeks now, it was revealed on Tuesday. The VanguardHistorically known as the Ritz, the property located on Barcelona's Gran Via had been owned by Algerian magnate Ali Haddad since 2011. However, in 2019, Haddad was imprisoned in his country for embezzlement, abuse of power, and corruption, leading the Algerian justice system to claim ownership. Despite Algeria's claim, however, the change of ownership of the Hotel Palace in Barcelona was not resolved through legal channels. According to the newspaper, the country reached an agreement with Haddad. This is evident from the fact that a "debt-for-equity swap" was presented for registration of the luxury property at the Barcelona Property Registry, rather than the execution of a court-ordered seizure. Algeria's National Investment Fund, a public financial institution directly under the head of government, received "full ownership of the property" located at 664-668 Gran Via de les Corts Catalanes in Barcelona on August 1, according to the newspaper.