Barclay bros buy up Claridges, the Connaught and the Berkeley
30 September 2011 09:26
Media barons the Barclay brothers have sealed an 800 million euro (£696 million) deal to take control of debts built up by Irish investors who bought three of London's top hotels.
Sir David and Sir Frederick, owners of the Daily Telegraph, now own Claridges as well as the Connaught and the Berkeley hotels.
The sale, confirmed by Ireland's bad-bank agency, the National Asset Management Agency (Nama), was finalised as the agency ramps up efforts to clear toxic debts from Irish banks.
The Barclays already owned 63.8% of the Maybourne Hotel Group through a company called Coroin.
Belfast-born property investor Paddy McKillen owns the remainder of the luxurious Mayfair and Hyde Park hotels.
Claridges, the Connaught and the Berkeley had been bought six years ago under the Maybourne Hotel Group, headed by Irish taxman-turned-financier Derek Quinlan, who now lives in Switzerland.
The Maybourne Hotel Group declined to comment on the sale.
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