Qatar’s Constellation Hotels Group agreed to buy a 64-percent stake in the company that owns London’s Claridges hotel from billionaire brothers David and Frederick Barclay.
The deal ends a four-year battle for control of Coroin, the luxury hotel group that also includes The Berkeley and The Connaught, also in London. The remainder of the group is owned by Irish businessman Paddy McKillen, who fought the Barclays in court over their holdings in the company.
Constellation Hotels has been buying European luxury hotels as demand for group travel recovers and construction remains low in the industry. It paid $357 million 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 million.
Abu Dhabi’s sovereign wealth fund bid $2.4 billion to acquire the hotel group. The Barclay brothers didn’t disclose what Constellation paid for the stake.