DUBLIN Hotelier Paddy McKillen, owner of three of London’s top hotels, has been rebuffed by a Dublin court in his attempt to reclaim control of the properties following their takeover by Ireland’s National Asset Management Agency.
Maybourne Hotel Group, comprised of Claridge’s, The Connaught and The Berkeley, was taken over by NAMA earlier this year after Anglo Irish Bank and Bank of Ireland defaulted, putting £600 million in debt backed by the banks into state-owned NAMA’s control.
McKillen appealed to Dublin’s high court to halt the loan acquisition by NAMA, but judges have dismissed the challenge. The court says that NAMA has the discretion to acquire whatever toxic loans it wishes.
According to Hotel-Industry.co.uk, McKillen is in talks with New York-based Northwood Investors, which could take a £200 million stake with financing of about £400 million provided by a syndicate of banks, led by Deutsche Bank. The hotel group hopes to conclude the deal by Christmas.