CityAM.com reports that Abu Dhabi’s sovereign wealth fund has put forward a £1.6bn bid for Maybourne Hotel Group, owner of London hotels the Berkeley, the Connaught and Claridges.
The Abu Dhabi Investment Authority (ADIA) is reported to have declared its interest in bidding to Coroin, which is the holding company for Maybourne, and is part owned by the Barclay brothers who hold a 64% stake.
The remaining 36% is owned by Irish property developer Paddy McKillen, who has battled the Barclays in court over control. McKillen is said to have first rights to the Barclays shareholding, but may be prepared to remain with a minority stake, allowing ADIA to take the majority holding.
ADIA already owns The Lanesborough in London, 42 regional Marriotts, and has bought New Scotland Yard for development.
Although the Barclays are said to be prepared to consider selling, this could only be a ‘sighting’ bid that begins the process, and could attract others to such renowned trophy assets.
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