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The Hôtel Ritz is a grand palatial hotel in the heart of Paris, the 1st arrondissement. It overlooks the octagonal border of the Place Vendôme at number 15. The hotel is ranked highly among the most prestigious and luxurious hotels in the world and is a member of “The Leading Hotels of the World”. As of 2014 the Ritz is closed for a major multi-million dollar renovation. When the hotel re-opens in 2015 room rates will start at USD $1,500 per night.