PROPERTY INVESTOR Paddy McKillen has ruled out selling his 37 per cent interest in the Maybourne Hotel Group of five-star London hotels, saying he aims to hold the investment for the long term.
In his first public comment since the Barclay brothers, owners of the Ritz in London, acquired a 24.8 per cent stake in the group, Mr McKillen signalled he was not interested in selling out of the group behind London hotels Claridge’s, Berkeley and Connaught.
“Paddy is not interested in selling,” said his spokeswoman.
“He is there for the long term. He is very hands-on and has been one of the main drivers in building the world-leading success of the Maybourne over the past six years.
“Maybourne is a highly prized and sought-after investment and he intends to continue with it.”
Sir David and Sir Frederick Barclay, owners of the Telegraph Media Group, agreed this week to buy the 35 per cent stake in the group owned by financier Derek Quinlan, who is selling assets to reduce his substantial borrowings.
This followed their purchase of 25 per cent from the family of UK billionaire Peter Green.
The National Asset Management Agency, which acquired Mr Quinlan’s loans from the Irish banks and has a charge over his equity in the hotel group, has yet to approve the sale of his interest.
If the Barclays complete the purchase of his stake, it would give the billionaire brothers a controlling stake of 60 per cent, allowing them to push through a potential break-up of the hotel group.
Mr McKillen is understood to be still taking advice and considering his options following the Barclays’ purchase of shares in the business.
His advisers are examining a shareholder agreement under which a shareholder must offer first refusal on the sale of their stake to their fellow investors.
Dublin stockbroker Kyran McLaughlin owns the remaining 3 per cent stake in the group.
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