A Qatari investment vehicle has taken a majority stake in three of London’s most prestigious hotels in a landmark deal.
Constellation Hotels - which is owned by Qatar Holding, the sovereign wealth fund backed by the Qatari royal family - has bought a 64pc stake in Coroin, the holding company which owns the Maybourne Hotel Group, made up of Claridge's, The Berkeley and The Connaught.
The sellers of the stake were the family interests of Sir David and Sir Frederick Barclay, and Irish businessman Derek Quinlan.
Sir David and Sir Frederick are the owners of Telegraph Media Group, publisher of The Daily Telegraph. The value of the transaction has not been disclosed.
The Barclays first bought in to Coroin in January 2011, buying interests held by property investors the Green family.
Speaking on behalf of the Barclay interests, representative Richard Faber 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.”
Mr Faber also confirmed that an agreement has been reached ending litigation related to Maybourne Hotel Group.
Constellation Hotels has become a major investor in the luxury hotel market in recent years, including the Intercontinental London Park Lane in 2013 and Le Grand Hotel in Paris last year.
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