FINANCIAL NEWS

UAE’s ADIA offers USD2.5b bid for UK’s Maybourne Hotel Group

01 Mar 2015

(MENAFN) Abu Dhabi’s sovereign wealth fund is set to offer a USD2.5 billion takeover bid for Maybourne Hotel Group, owner of luxury London hotels Claridge’s, Arabian Business reported.

Abu Dhabi Investment Authority (ADIA) declared its interest in Maybourne’s holding company Coroin. If its bidding ends successfully, it will end a four-year dispute over the ownership of the five-star hotel portfolio.

A successful bid of Maybourne by ADIA will also be the latest in a successive Gulf investments made in prime London assets, which reached a sum of USD3 billion in 2014.

Among a list of five-star hotels owned by ADIA are Lanesborough in Knightsbridge, and more than 40 regional Marriott hotels from Royal Bank of Scotland purchased back in 2013.

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