The long-running and bitter battle for control of three luxury hotels in London has come closer to an end as financier Derek Quinlan and twin billionaires, David and Frederick Barclay, have sold their shareholdings, debt and the voting rights to a rival hotel group.
They have sold their combined 64% interest in Coroin Ltd - the company that owns Claridges, The Berkeley and The Connaught - to Constellation Hotels Group.
Qatari group Constellation will now be the majority partner in the group with long-standing minority shareholder, Irish developer Paddy McKillen, who currently owns 36.23% of Coroin shares.
Mr McKillen had previously said he would like to buy out the other shareholders and own the business outright.
The famous hotels had been controlled by the Barclay brothers since the voting rights for financier Derek Quinlan's share of 35.41% was given to them after they secured the rights to his shareholding from the National Asset Management Agency.
The Barclays’ shareholding was 28.36%.
Derek Quinlan was until today still the beneficial owner of his 35.41% shareholding.
No sales figure has been disclosed, but it is thought to be above £2bn.
Recently the Abu Dhabi Investment Authority had offered £1.6bn for the three luxury Mayfair hotels.
Today’s announcement signals the end of a five-year legal row between Mr McKillen and the Barclays.
The developer, Derek Quinlan and others bought the properties in 2004 for €1.1bn.
