Friday 28 October 2016

Hotels row ends as Barclay brothers sell stake

Published 23/04/2015 | 16:55

Paddy McKillen
Paddy McKillen

The long running battle between Paddy McKillen and the Barclay Brothers for three luxury London Hotels appears to be over after the Barclays sold their stake in the business to Qatar’s Constellation Hotels Group.

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The deal comes after a long running dispute for control of the company that owns the three luxury London hotels, Claridges, The Berkeley and The Connaught Hotels.

In a statement, a spokesman for Mr McKillen confirmed the Barclays had sold their 64pc interest in Coroin Ltd.

The deal also sees the end of financier Derek Quinlan’s interest in the hotels.

A spokesman for David and Frederick Barclay said the brothers are “pleased to have concluded this transaction and that Maybourne Hotel Group is now majority controlled by Constellation Hotels Group”.

“We have also reached an agreement to ensure an end to any litigation related to Maybourne Hotel Group so that there is a clear focus on investing in the continued success of these iconic hotels.

 “The business has performed strongly during the four years of our involvement, and this has been a very successful investment for us. We wish Constellation and all the people working within Maybourne Hotel Group the best for the future,” he added.

The sale ends a four year dispute for control of the hotels between Mr McKillen and the Barclays.

Terms of the sale were not disclosed. Last month the Abu Dhabi Investment Authority reportedly bid £1.6bn (€2.2bn) for the hotels. At that price, the Barclay’s stake would have been worth around €1.4bn.

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