McKillen sues Barclay brothers, Maybourne

Property developer Patrick McKillen, a 36% shareholder of Maybourne Hotels Ltd. is suing David and Frederick Barclay and Maybourne Finance Ltd. over the €800 million (US$1.1 billion) sale of the luxury hotel company’s debt from NAMA to the Barclays.

“We are taking this action to protect our shareholding,” Breda Keena, a spokeswoman for McKillen told Bloomberg.

Maybourne Hotels owns the Berkeley, Claridge’s and Connaught luxury hotels in London. Ireland’s National Asset Management Agency (NAMA) acquired the hotels’ mortgage debt in 2010 and Barclay brothers bought it in September 30.

The Barclay brothers remain steadfast in their position of control of the portfolio.