David and Frederick Barclay rode “roughshod” over an Irish developer’s legal right to buy shares as they gained control of three luxury London hotels, Patrick McKillen’s lawyer said in the U.K. Court of Appeal.
Coroin Ltd., owner of London luxury hotels including Claridge’s, reported an increase in profit as the U.K.’s billionaire Barclay brothers and Irish developer Patrick McKillen battle over the company’s ownership.
David and Frederick Barclay, the billionaire owners of the Daily Telegraph, won dismissal of an Irish developer’s lawsuit that accused them of illegally trying to gain control of a group of luxury London hotels.
The billionaire Barclay brothers sold their 10 percent stake in the U.K.’s InterContinental Hotels Group Plc for about 335 million pounds ($520 million) after the hotelier’s shares soared 88 percent in a year.
David and Frederick Barclay won a ruling in a dispute with Irish property developer Patrick McKillen involving a 660 million-pound ($1 billion) debt transfer that allowed the billionaire brothers to take over three luxury London hotels.
It’s Friday night at Claridge’s Hotel in central London and harried-looking bartenders are rushing to serve customers piled three-deep at the bar. Property investors are lining up too, not for the 16-pound ($25) mojitos and 27-pound glasses of Laurent Perrier Brut Rose champagne, but for the luxury hotels that can command such prices during an economic slowdown.
Billionaire brothers David and Frederick Barclay offered Anglo Irish Bank Corp. 130 million pounds ($200 million) to buy loans owed to the bank by developer Paddy McKillen, the Irish Mail on Sunday reported.