NAMA sells London hotel loans for €800 million

Thursday 29 September 2011 23.17
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The Claridges hotel was part of the loan sale
The Claridges hotel was part of the loan sale
Hotel group was bought by investors led by Derek Quinlan
Hotel group was bought by investors led by Derek Quinlan

NAMA has completed its largest sale of assets to date with the disposal of loans held by one of London's most prestigious hotel companies for over €800 million.

The agency recovered 100% of the original value of the loans plus interest.

The hotels are Claridges, the Connaught and the Berkeley which had been originally purchased by a syndicate of Irish investors who bought the Maybourne Hotel Group in London in 2005.

The syndicate was assembled by taxman turned property tycoon Derek Quinlan. Stockbroker Kyran McLaughlin and developer Paddy McKillen were also part of the original deal.

The loans had been provided by AIB and Anglo and were bought at a discount by NAMA.

Following the sale today, the loans have been acquired by Sir David and Sir Frederick Barclay the owners of the Daily Telegraph.

NAMA has to sell €7.5bn of assets by the end of 2013.