Claridge owners in serious debt

The Maybourne hotel group that owns the Claridge’s, Connaught and Berkeley hotels in London, needs around £600m to refinance the debt that it has fallen into. If the company is not able to do so, then it will fall into the hands of it’s creditors. These hotels that have been synonymous with luxury could be up for sale to overcome this debt. Derek Quinlan, the Irish tycoon owns part of the company and needs to pay back this amount to the Bank of Ireland and Anglo Irish Bank by Christmas this year.

The Guardian said that lending institutions such as the Deutsche Bank and Barclays Bank are interested in the refinancing. Though the company hasn’t showed any intentions to sell but real estate investors said that the three properties could very well attract US, Middle Eastern or Asian buyers who might be seeking trophy assets to impress potential clients or investors.

The major shareholders are also prepared to invest extra equities if required. Recently many famous hotels in London went on sale. Only time would tell if these three also see a similar fate. Meanwhile, Quinlan apparently has moved to Switzerland and has sold some of his properties in America.

Via: Guardian

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