Hotel developer secures stake in three London properties

Hotel developer Paddy McKillen has repaid his loans to IBRC and agreed a deal with Colony Capital that will secure his stake in three luxury London properties.

According to the Independent, McKillen paid back about €800 million in total, including both personal and corporate loans.

As part of the deal, he has reportedly agreed to a long-term financial partnership with Tom Barrack’s private international investment firm, Colony Capital, which will refinance loans secured in part by McKillen’s 36.2 percent stake in Coroin – the company that owns and manages Claridge’s, The Connaught (pictured) and The Berkeley hotels in London.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

The new financing relationship will assure a comprehensive recapitalization of McKillen’s balance sheet as well as an ongoing funding source for future capital deployment opportunities McKillen possesses and develops.


Suggested Articles

This roundup features details on 15 new properties operating in the United States.

The survey is open to all multiunit hotel ownership and development companies. Results will be published in the October issue of Hotel Management.

The “Black Representation in Hospitality Leadership 2020” report examines the role of Black leaders, men and women, across the industry.