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.
Paddy McKillen, who owns 36 percent of Maybourne Hotel Ltd., has “no intention of selling his stake” in the hotel group after the 800 million euro ($1.1 billion) sale of the company’s debt to David and Frederick Barclay, according to his spokeswoman Breda Keena.
Ireland’s National Asset Management Agency , or NAMA, lost a legal challenge by real-estate investor Paddy McKillen to stop the transfer of his debt to the agency, set up by the government to absorb risky loans.
David and Frederick Barclay, owners of the Telegraph Media Group, are close to an agreement to gain full control of the Maybourne Hotels Ltd., the Sunday Times said, without saying where it obtained the information.