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Three luxury London hotels are expected to be put up for sale

Claridges, the Berkeley and the Connaught, which are estimated to be worth more than £1 billion, have fallen under the control of the Irish government after failing to refinance loans.

The hotels are part of property empire the Maybourne Group, which has been placed under the control of the Irish government by the National Asset Management Agency (Nama).

Nama is reportedly considering refinancing approximately £675 million owed by the group to Anglo Irish Bank and Bank of Ireland, or it could sell the hotels to maximise proceeds.

Maybourne’s loans are due to be repaid in December and its investors were attempting to refinance the debts before Nama seized control after the fall in property value raised concerns it would be unable to pay.

Another luxury London hotel, Grosvenor House on Park Lane, is also up for sale by the Royal Bank of Scotland for £500 million. 

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