Paddy McKillen has repaid €300m of his loans from the former Anglo Irish Bank with backing from Colony Capital.
The Irish investor, who is the largest shareholder in the company that owns three landmark London hotels, refinanced his debt with the IBRC through Tom Barrack’s San Francisco-based investment firm.
The debt includes his 26.2% stake in Coroin, which owns Claridges, the Connaught and the Berkeley.
Ownership of the hotels has also been the subject of a bitter legal dispute with the billionaire Barclay brothers, David and Frederick, who own a 28% stake in Coroin.
They have also control a 35.8% stake owned by Derek Quinlan after the brothers’ companies bought €800m of the hotel company’s debt from Nama in 2011, but have been challenged by McKillen.
bridget.oconnell@estatesgazette.com
