Abu Dhabi’s leading sovereign wealth fund has reportedly made a move to purchase three of Mayfair’s most luxurious hotels – Claridge’s, the Berkeley and the Connaught – for £1.6bn.
The Abu Dhabi Investment Authority (ADIA) is said to have written to the board of Coroin, the company behind the Maybourne Hotel Group, which owns the three boutiques, to indicate its ambitions to take over the brand.
The three top hotels are currently controlled by the Barclay brothers, owners of the Telegraph newspapers and The Ritz and who own 63% of the Maybourne Group. The rest is owned by Irish property investor Paddy McKillen, who has 37% of Corovin shares.
Speaking to The Guardian, McKillen on Sunday said: “It looks like the Barclays are fortunate to have ADIA and me interested in buying their interests”. He has said he has no intention of selling but is “willing to engage with any new partner”.
ADIA already owns the five-star Lanesborough hotel in Knightbridge.
The Coroin hotels are popular with some of the wealthiest of the Middle-Eastern super-rich. Until 2004 the group had also included the Savoy hotel on the Strand but that property was sold to Saudi Arabia’s Prince Alwaleed bin Talal.