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Abu Dhabi in £1.6b Maybourne Hotels bid

02 March 2015 by
Abu Dhabi in £1.6b Maybourne Hotels bid

The sovereign wealth fund of Abu Dhabi is thought to have tabled a £1.6b bid for Maybourne Hotel Group.

Abu Dhabi Investment Authority is understood to have sent a letter declaring its interest to Coroin, the holding company of Maybourne, which owns Claridge's, the Berkeley and the Connaught in London.

Maybourne is 64% owned by Sir David and Sir Frederick Barclay, who own the Ritz and the Telegraph newspaper. Irish property investor Paddy McKillen owns the rest although his position is partly controlled by the American private equity firm Colony Capital, according to the www.thesundaytimes.co.uk/sto/business/Retail_and_leisure/article1525522.ece?CMP=OTH-gnws-standard-2015_02_28">http://www.thesundaytimes.co.uk/sto/business/Retail_and_leisure/article1525522.ece?CMP=OTH-gnws-standard-2015_02_28" target="_blank" rel="noreferrer">Sunday Times.

The Barclays and McKillen have been battling for overall control for some time, after McKillen lost a High Court case against the Barclays' purchase of their stake in 2012. His appeal the following year was turned down.

Abu Dhabi Investment Authority already owns the five-star Lanesborough hotel in Knightsbridge, as well as more than 40 Marriott hotels it bought from Royal Bank of Scotland two years ago.

Barclay brothers cleared in latest battle for Maybourne Hotel Group >>

Barclay brothers move in on Maybourne Hotel Group deal >>

TagsFinance and Hotels
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