UPDATE 3/8/12 1:20 p.m.: It appears that the fire is actually located in an underground parking garage at the Place Vendome. According to autoblog GTSpirit, many very rare and exotic cars are often parked in the garage.
According to our colleagues at The Huffington Post France, there are over 100 firemen and 25 trucks on the scene.
@HuffPostTravel The Ritz is not on fire, it's the Underground Parking under the Place Vendome that was set ablaze— Cynthia (@Akiraleshiba) March 8, 2012
PREVIOUSLY 3/8/12, 3:08 p.m.: Breaking news from Paris reveals that the Place Vendome is on fire.
Place Vendome, in the city's first arrondisement, is home to the iconic Hotel Ritz. The hotel is well known for being the place from which Princess Diana embarked on her fatal car ride, and also the home of Coco Chanel.
The cause of the blaze is currently unknown, but Vogue Italia speculates that it was started in a nearby underground parking area. AGI.it also reports that the fire started in an underground parking garage. For photos, visit french paper Le Parisien.
It was announced in October that the Ritz would be closing to undergo renovations.
Le Ritz en feu place Vendôme. twitter.com/vincentdidier1…— vincentdidier1 (@vincentdidier1) March 8, 2012
Le Ritz en feu ...en direct de la place Vendôme twitter.com/sosso/status/1…— Soray@ (@sosso) March 8, 2012
More to come...