PARIS, Nov 21, 2001/ FW/ --- Mohammed Al Fayed has strenuously denied reports that his flagship Paris hotel The Ritz is on the block, following British media reports of an imminent sale.

Last week, the secretive Barclay brothers reportedly offered to buy The Ritz from Al Fayed, who owns London’s greatest department store Harrods. The wealthy twins already own the London Ritz and apparently want to reunite the two world famous hotels.

However, Al Fayed brushed off the idea of selling the prestigious Ritz, from which his son Dodi and Princess Diana departed on their fatal last journey in 1997.

The Paris Ritz has been the preferred retreat of fashion honchos like Vogue editrix Anna Wintour and John Fairchild, and its bar the favorite watering hole of the chic during the fashion season.

"The Ritz is not for the sale. Nor will it ever leave Al Fayed family ownership," Al Fayed’s spokesman Peter Willasey told FWD. Al Fayed acquired The Ritz in 1979.

London newspapers, citing "sources close to the Barclay brothers," reported that Al Fayed was in talks with the secretive twins to sell The Ritz, the most opulent hotel in Paris.

Recent business conditions have hurt both Al Fayed and the Barclays. The twin’s chain of papers, primarily based in Scotland, lost $20 million last year while turnover at Harrods has slumped as American and Japanese tourists travel less post September 11.

Al Fayed took a mortgage out on Harrods this summer, sparking rumors of a cash crisis. However, recent reports had him meeting with Chicago major Richard Daley to discuss opening a branch of Harrods in the Windy City.