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Fri 24 Apr 2015 01:24 AM

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Qatar buys majority stake in three luxury London hotels

Constellation Hotels, owned by Qatar Holding, adds Claridges, The Berkeley and the Connaught to portfolio in deal with Barclay Bros

Qatar buys majority stake in three luxury London hotels
Claridges hotel, London

Qatar has reportedly added to its collection of luxury London hotels after buying Claridges, The Berkeley and the Connaught from Sir David and Sir Frederick Barclay.

Constellation Hotels, which is owned by Qatar Holding, the sovereign wealth fund backed by the Qatari royal family, has bought a 64 percent stake in Coroin, the holding company which owns the Maybourne Hotel Group.

The company has been amassing some of Europe’s best-known hotels including the Intercontinental Park Lane, the St Regis in Rome and Le Grand in Paris.

Richard Faber, a spokesman for the Barclay brothers, told the UK-based Financial Times that an agreement had been reached.

The paper said the three London properties were held by Coroin, an Irish company set up by Patrick McKillen and other investors including the financier Derek Quinlan to buy trophy hotels in 2004.

It added that the deal with Constellation will see McKillen stay on and manage the redevelopment of Claridges and the Berkeley.

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