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22-03-12

Qatar state may add 3 hotels to its London portfolio

(MENAFN) Al Mirqab, an investment company controlled by Qatari Emir Sheikh Hamad bin Khalifa Al-Thani eyes stakes in three iconic hotels in London, local media reported. The hotels are Claridge's, Berkeley and Connaught, which are controlled by Coroin which is the subject of a legal dispute between Irish developer Paddy McKillen, and its partners Sir David and Frederick Barclay. McKillen alleges that the Barclay brother acquired their 64 percent in Coroin unlawfully from previous owner, Irish financier Derek Quinlan, as the company's terms and conditions state it is compulsory for a shareholder selling their stake to offer it to an existing investor first. McKillen also claimed he had secured a "legal and binding" deal with Al Mirqab to finance the return of the stake which the Barclay's bought from Quinlan. The deal would Al Mirqab own a 50 percent stake in Coroin and would be retained as a project manager to oversee the development and running of the three hotels. The case continues, but should the deal be successful they will be the latest trophy assets Qatar has secured in the British capital. The Gulf State already owns a host of London properties, including the Harrods department store, The Shard skyscraper and Chelsea Barracks.

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