THE owner of some of London’s most luxurious hotels is in talks to refinance £610m of debt, it was confirmed yesterday.
Maybourne Hotel Group, owner of the Claridge’s, Connaught and Berkeley hotels in London, is in talks with Deutsche Bank about a refinancing that needs to take place by the end of the year.
The latest accounts of parent company Coroin show the business had debts of £672m due after one year. It is understood a Deutsche Bank refinancing could help the group avoid being taken over by its lenders, Bank of Ireland and Anglo Irish Bank.
Maybourne Hotel Group said talks with parties were “progressing steadily” but gave no further details of the names of the banks.
“Our refinancing discussions are proceeding steadily. There is sufficient interest from the banks to refinance our existing loans,” Maybourne said in an emailed statement. The group said it had no intention of selling any of its properties.
Claridge’s, renowned for television chef Gordon Ramsey’s restaurant, has hosted celebrity guests and royalty.