Barclay brothers sell Claridge’s, The Berkeley & The Connaught to Qatar

What else does Qatar own in Britain?

Qatar just snapped up not one, not two, but three three of Britain’s prestigious assets – Claridge’s, The Berkeley and the Connaught hotels.

Qatar’s Constellation Hotels, which is controlled by Qatari sovereign wealth funds, has bought a 64% stake in hotel company Coroin for an undisclosed amount. In 2013, they also bought Intercontinental Park Lane for £400m.

The 64% stake in Coroin was owned by Sir David and Sir Frederick Barclay, and Irish businessman Derek Quinlan.

The Barclay brothers were in a legal dispute with property investor Patrick McKillen, a minorty shareholder in Coroin, over the ownership of the company. However, the sale of the hotels has ended all legal disputes.

Richard Faber, a spokesperson for Barclays interests, said: “The business has performed strongly during the four years of our involvement and this has been a very successful investment for us… we are pleased to have concluded this transaction.”

How much are the hotels worth?

Back in March, rumours were that the three five-star hotels will fetch a whopping £1.6bn. According to the FT, each room was valued at £3m at the time.

 

 

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