Qatar’s Constellation Hotels Group has agreed to buy a further 36% stake in the company that owns three luxury London Hotels – Claridges, the Berkeley and the Connaught, from Irish developer Paddy McKillen.
Qatar’s Constellation Hotels Group has agreed to buy a further 36% stake in the company that owns three luxury London Hotels – Claridges, the Berkeley and the Connaught, from Irish developer Paddy McKillen.
The investment volume comes to $2.46 bn (€2.2 bn).
Constellation Hotels, which is owned by Qatar Holding, the sovereign wealth fund backed by the Qatari royal family, has acquired McKillen’s 36% shareholding in the Maybourne Group, which is the owner and operator of the three hotels.
As part of the agreement, Paddy McKillen will continue to lead, direct and develop the assets.
The deal brings the Qataris' stake in Maybourne to 100% following the purchase of the other 64% stake in Maybourne last week from billionaire brothers David and Frederick Barclay. It also ends a four-year battle for control of the luxury hotel group between its shareholder groups.
Although financial details were not disclosed, the transaction is believed to amount to over £2 bn (€2.8 bn).
The deal is the latest by Constellation Hotels in Europe. The Middle Eastern investor paid €330 mln last year to buy Le Grand hotel in Paris from Intercontinental Hotels Group and purchased the London Park Lane Hotel in 2013 for more than $452 mln.
