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Irish property investor Paddy McKillen has been reportedly awarded more than £700m following a dispute with the Qatari owners of three of London’s best-known luxury hotels, according to the Times.
McKillen, who refurbished and managed Claridge’s, the Berkeley and the Connaught through the Maybourne Hotel Group, claimed he was owed more than £1bn under a consultancy agreement signed after the group was acquired by Sheikh Hamad bin Jassim bin Jaber al-Thani (HBJ), Qatar’s former prime minister, and other investors in 2015.
As part of the £1.3bn deal, McKillen, then a Maybourne investor, stayed on under a seven-year contract to oversee renovations and operations.
The Times learnt that the agreement entitled him to 36% of any increase in the hotels’ valuation, minus refurbishment costs.
The partnership ended in 2022 when McKillen was removed from his role, and a source close to the matter said the hotels should be valued at about £6bn, entitling him to more than £1.4bn.
The Qatari investors said the increase in value was significantly lower and disputed which assets were covered by the agreement.
Sources have revealed to the Times that an arbitration panel of the London Court of International Arbitration has now awarded McKillen between £700m and £800m. The award is one of the largest of its kind in the past decade and suggests the hotels were valued at between £4bn and £4.25bn.
The outlet stated that both parties are entitled to challenge the ruling, though successful appeals in arbitration cases are rare. Even with the award, McKillen may have to pursue enforcement in court if the payment is not made.
Maybourne Hotel Group has been contacted for comment
Irish property investor Paddy McKillen has been reportedly awarded more than £700m following a dispute with the Qatari owners of three of London’s best-known luxury hotels, according to the Times.
McKillen, who refurbished and managed Claridge’s, the Berkeley and the Connaught through the Maybourne Hotel Group, claimed he was owed more than £1bn under a consultancy agreement signed after the group was acquired by Sheikh Hamad bin Jassim bin Jaber al-Thani (HBJ), Qatar’s former prime minister, and other investors in 2015.
As part of the £1.3bn deal, McKillen, then a Maybourne investor, stayed on under a seven-year contract to oversee renovations and operations.
The Times learnt that the agreement entitled him to 36% of any increase in the hotels’ valuation, minus refurbishment costs.
The partnership ended in 2022 when McKillen was removed from his role, and a source close to the matter said the hotels should be valued at about £6bn, entitling him to more than £1.4bn.
The Qatari investors said the increase in value was significantly lower and disputed which assets were covered by the agreement.
Sources have revealed to the Times that an arbitration panel of the London Court of International Arbitration has now awarded McKillen between £700m and £800m. The award is one of the largest of its kind in the past decade and suggests the hotels were valued at between £4bn and £4.25bn.
The outlet stated that both parties are entitled to challenge the ruling, though successful appeals in arbitration cases are rare. Even with the award, McKillen may have to pursue enforcement in court if the payment is not made.
Maybourne Hotel Group has been contacted for comment
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It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making
The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution
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