After a four-year battle, the Barclay brothers have sold their stake in the Maybourne Hotel Group, handing over control of Claridge’s, the Berkeley and the Connaught to Qatari investors.
Constellation Hotels, owned by sovereign wealth fund Qatar Holding – has bought Sir David and Sir Frederick Barclay’s 28% stake in the holding company that owns the Maybourne Group, Coroin. The investors have also bought out Derek Quinlan, who held a 35.8% stake in the company and was one of the founding shareholders.
Constellation Hotels will now give the group a 64% shareholding on the three hotels.
The other 36.2% is still owned by Northern Irish property investor Paddy McKillen, who famously went into battle with the Barclay owners when they tried to take over the stake owned by Quinlan; a move which would’ve put them in sole control of Coroin.
McKillen is reportedly said to be planning expansion and refurbishment programmes backed by the Qataris.
The sale of the prestigious five-star hotels, three of London’s most prestigious, for an undisclosed sum marks the end of one of the most expensive shareholder feuds in British history.