McKillen has been removed from the board of Claridge’s parent company, Maybourne Hotels via IrishTimesBiz
Claridge’s, one of Britain’s most luxurious hotels, is facing a fresh tussle between its owners, seven years after a Qatari royal teamed up with Irish property developer Paddy McKillen to win a fight for control of its parent group.
Neither Cunningham nor McKillen, who has run and renovated the group’s hotels over the past seven years, were at the meeting where the decision was taken, both said. According to a person with knowledge of the contract, Mr McKillen is entitled to a payout equivalent to the value of the hotels, less the original £1.3 billion deal value and the value of Constellation’s capital investment to restore the hotels.
In January, Mr McKillen stepped back from running the Beverly Hills and Riviera hotels, stating in a message to staff that he would “no longer be involved in these amazing properties”.
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