Although details have not been released at the time of writing, it has been confirmed that Sir David and Sir Frederick Barclay’s family interests have sold their 64% shareholding in Coroin Ltd, the company that owns the three luxury London hotels, Claridges, The Berkeley and The Connaught, to Constellation Hotels Group which, in turn is backed by Qatari investors.
As is well known, there has been a long legal battle over control of the three hotels – amongst the most prestigious in London.
The deal is rumoured to be worth around £1.5 million, and brings to an end the litigation.
Details of the final ownership structure remain to be clarified, as well as plans for the hotels which now operate in a fiercely competitive market which will require them to operate to the highest possible standards.