McKillen company received £5m fee from London hotel group in 2017

Payment made by Coroin Ltd to McKillen’s Hume Street Management Consultants Ltd

Belfast developer Paddy McKillen.  Photograph: Yui Mok/PA Wire

Belfast developer Paddy McKillen. Photograph: Yui Mok/PA Wire

 

A Dublin company controlled by property developer Paddy McKillen snr last year received a management fee of £5 million (€5.6 million) from the operator of the Maybourne luxury hotel group.

The payout by the London-based Coroin Ltd to Mr McKillen’s Hume Street Management Consultants Ltd followed a similar payment of £5 million in 2017.

The most recent accounts for Mr McKillen’s Dublin-based management company show it recorded profits of €13.19 million.

Along with the sum received from Coroin in 2017, Hume Street Management Consultants received €9.3 million from Cuesta Estates LLC, an American company run by McKillen’s son, Dean.

Cuesta Estates developed a mansion in Bel Air in Beverly Hills which was reportedly bought by Beyoncé and her husband Jay Z for $88 million in 2016.

Hume Street Management Consultants paid a dividend of €4.67 million in 2017, having paid out €8.17 million in 2016.

Mr McKillen and long-time associate Liam Cunningham resigned from the board of Coroin in December of last year.

The Maybourne group is ultimately owned by the Qatari royal family, which took ownership more than three years ago when it bought Mr McKillen’s shares and also a stake that had been owned by the Barclay brothers.

Operating profits at Coroin, which operates the five-star Claridges among others, totalled £13.73 million last year after recording revenues of £67 million.