Qatar’s Constellation Hotels Group on Thursday agreed to buy a 64% stake in Coroin, the company that owns London’s Maybourne Hotel Group, from the billionaire Barclay brothers, David and Frederick. The portfolio includes London’s famed Claridges, The Berkeley and The Connaught hotels.
The deal comes after a long-running dispute over control of the company between the Barclays and financier Derek Quinlan. The hotels had been controlled by the Barclay brothers since the voting rights for Quinlan’s share of 35.41% was given to them after they secured the rights to his shareholding from the National Asset Management Agency.
A spokesman for the Barclays said, “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 deal with Constellation will see remaining Coroin investor Patrick McKillen stay on and manage the redevelopment of Claridge’s and the Berkeley.
Terms of the sale were not disclosed. Last month the Abu Dhabi Investment Authority reportedly bid £1.6 billion (US$2.4 billion) for the hotels.
Constellation Hotels paid US$357 million last year to buy Le Grand hotel in Paris from IHG and acquired the London Park Lane Hotel in 2013 for more than US$452 million.