Home Commercial Property London’s £1.1bn hotel battle continues as Barclay brothers head to court

London’s £1.1bn hotel battle continues as Barclay brothers head to court

by Deleted Subscriber Content
4th Feb 13 11:52 pm

The fight over three luxury London hotels will resume today as hotel and media magnates the Barclay twins head back to court with Belfast developer Paddy McKillen.

The war over London’s Connaught, Berkeley and Claridge’s Hotels, estimated to be worth £1.1bn, has been raging for two years.

Sports cars outside Berkeley Hotel London

Sports cars outside Berkeley Hotel London

WIN Afternoon Tea for two at Claridge’s, winner of The Tea Guild’s top London Afternoon Tea

Claridge’s Hotel is one of the luxury hotels in contention

McKillen was a shareholder in Coroin, a company headed by Irish property Derek Quinlan that acquired the hotels for the Mayborne Hotel group. However, Quinlan was forced to relinquish control to Nama Bank when the Irish property bubble burst and many of his investments went sour.

The Barclay twins, David and Frederick, then swept in and negotiated with the bank to assume control of the prized hotels.

The pair, which also owns the Ritz, the Telegraph Group and The Spectator, have an estimated net worth of £2.2bn. Last year, they won the first round of the legal battle against McKillen, but he was given a right to appeal. The appeal starts today and is expected to last three months.

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