Barclays sell their stake in London hotels

Move signals end of dispute with developer Paddy McKillen

The Barclay brothers have sold their 64 per cent stake in three luxury London hotels to developer Paddy McKillen's backer, ending a bitter feud over their ownership.

A statement on Thursday confirmed that Sir David and Sir Frederick Barclay's family interests have sold their 64 per cent shareholding in Coroin Ltd, the company that owns Claridges, The Berkeley and The Connaught to Qatari group, Constellation Hotels.

The move signals the end of a five-year legal row between Mr McKillen and the Barclays.

The Irish developer was one of a group of backers led by investment adviser, Derek Quinlan, who bought the properties in 2004 for €1.1 billion.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas