Three of London’s top hotels have been bought by the Barclay brothers, owners of the Telegraph Media Group, for €800 million, Bloomberg reports. The hotels bought by David Barclay and Frederick Barclay are Claridge’s, The Connaught and The Berkeley. The assets were sold by the National Asset Management Agency, the Irish government agency formed to manage the toxic property loans. Originally, two Irish banks provided loans to the Maybourne Hotel Group for the acquisition of hotels in 2005, adds BBC News. With the loan purchase, the brothers have bought the hotels.
Click here for the story from Bloomberg.
Click here for additional coverage from BBC News.
Telegraph Media Group David Barclay London Irish Frederick Barclay