Bloomberg News

Maybourne Holder McKillen ‘Concerned’ After Nama Debt Sale

September 29, 2011

(Updates with McKillen reaction from first paragraph.)

Sept. 29 (Bloomberg) -- Paddy McKillen, who owns 36 percent of Maybourne Hotel Ltd., has “no intention of selling his stake” in the hotel group after the 800 million euro ($1.1 billion) sale of the company’s debt to David and Frederick Barclay, according to his spokeswoman Breda Keena.

The brothers, owners of the Telegraph Media Group Ltd., bought the debt from Ireland’s National Asset Management Agency, according to a statement on NAMA’s website today. London-based Maybourne also owns the luxury Berkeley and Connaught hotels in the U.K. capital.

McKillen “is investigating the deal and is concerned about the effect it may have on his shareholding,” said Keena.

Two Irish banks loaned Maybourne money in 2005 for the acquisition of hotels, NAMA said today, without identifying the lenders. The Dublin-based government agency said it recovered 100 percent of the original value of the loans plus interest.

--Editors: Ross Larsen, Jeff St.Onge.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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