The company that owns the five-star Claridge’s, Connaught and Berkeley hotels in London needs to refinance more than £600m of loans before the end of the year to avoid falling into the hands of its banking creditors.
The three hotels, which each trace their history back more than 100 years and whose guests have included royalty, Hollywood stars and celebrities – from Queen Victoria to Cary Grant and Audrey Hepburn to Madonna – could be up for sale.
The Maybourne hotel group, partly owned by Irish property tycoon Derek Quinlan, needs to refinance £610m of loans by Christmas. In the latest accounts posted at Companies House by parent company Coroin, the business had debts of £672m due after one year. The debt level compares with…more