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Maybourne Hotel Group denies it is to be sold by Irish government

11 October 2010 by
Maybourne Hotel Group denies it is to be sold by Irish government

Claridge's owner the Maybourne Hotel Group has dismissed media reports it is to be sold by the Irish government.

The owner of some of London's most prestigious hotels - including the Berkeley and the Connaught - released a statement that it was "categorically not for sale".

It came after an article in the Sunday Times suggested the group would be placed on the market having fallen under the control of Ireland's National Asset Management Agency (Nama).

Maybourne is looking to refinance £600m of loans by the year's end. Bought by Derek Quinlan in 2004 for £750m - including the Savoy which was subsequently sold - the deal was backed by Anglo Irish Bank and Bank of Ireland.

A spokeswoman for the hotel group said that although Nama - set up to take control of Ireland's mountain of toxic property loans - now held the underlying debt of the group, efforts to refinance were proceeding on schedule.

"The hotels continue to perform exceptionally well with robust occupancies and industry leading performances significantly ahead of targets," said the spokeswoman.

Maybourne added that despite Nama's involvement, the management, ownership and structure of the hotels remained unaffected.

Maybourne needs £600m refinancing >>

Buyers queue up as Maybourne Group seeks debt deal >>

By Chris Druce

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