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The German company Oetker is well known for its food businesses, selling everything from baking powder to cake icing to frozen pizza. But they also own some of the world's most expensive and exclusive hotels. Their latest venture is the Lanesborough Hotel in central London. The firm bought it recently and the hotel opens after a major refurbishment on Wednesday. Frank Marrenbach, CEO of Oetker Collection, said it as probably the "most significant step" for the company for nearly 40 years.