Irish property developer may block Abu Dhabi bid for London Hotels

According to the Irish Times, a €2-billion offer by The Abu Dhabi Investment Authority (which is chaired by the emirate’s ruler, Sheikh Khalifa bin Zayed Al Nahyan) for a group of London hotels cannot go ahead without the permission of Irish property developer Paddy McKillen.

The offer for Claridge’s, the Berkeley and the Connaught hotel is but the latest bid by Middle Eastern states to buy prime properties in London over the past year, though it puts a higher valuation on the hotels than any former offers. The Abu Dhabi Investment Authority reportedly wrote to the Maybourne Hotel Group’s holding company Coroin last month.

McKillen owns 36 percent of Coroin; the Barclay brothers, Frederick and David, own 28.36 percent, though they control the remaining shares owned by Derek Quinlan because he mortgaged the shares to them.

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.

McKillen’s shares are reportedly mortgaged to the private US equity firm Colony Capital, which supported him last year when he refinanced debts that had been held by the Irish Bank Resolution Corporation. Colony is not putting pressure on him to sell, it is understood.