Mon, 11 Oct 2010 | BUSINESS SALE
A trio of the best known hotels in London looks likely to be put up for sale after its owner failed to refinance longstanding debts.
Worth a total of more than £1 billion, luxury hotels Claridges, the Berkeley and the Connaught - which are part of property empire the Maybourne Group - have fallen under the control of the Irish government after failing to refinance loans.
The group has been placed under the control of the Irish government by the National Asset Management Agency (NAMA).
NAMA is said to be considering refinancing around £675 million owed by the group to Anglo Irish Bank and Bank of Ireland. Alternatively, it could consider selling each of the hotels to maximise proceeds.
The debts were originally due to be repaid in December of this year and Maybourne's investors were trying to refinance the debts before NAMA seized control after the fall in property value raised concerns it would be unable to pay up.
Grosvenor House on Park Lane, the largest luxury hotel in central London, is still on the market for around £600 million after government-backed Royal Bank of Scotland started to unwind its property portfolio earlier this year. At £1.2 million per room, property agents CBRE are struggling to offload the Marriott-operated hotel at the current price.
Meanwhile, CBRE have also been appointed to market the Four Seasons Hotel in Dublin, after it posted losses of £1.7 million. Despite being branded an icon of the Celtic Tiger, the luxurious hotel was said to be badly hit by the drop-off in American tourists and the local recession.
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