NAMA confirms sale of over €800m of loans linked to London hotels

The National Asset Management Agency (NAMA) has confirmed that it has completed the sale of loans held by the Agency which were attached to the Claridges, Connaught and Berkeley Hotels in London. The loans had been provided to the Maybourne Hotel Group by two Irish banks to fund the acquisition of the hotels in 2005. NAMA acquired the loans at the end of June 2010 from the banks.

The loans were sold for in excess of €800 million with NAMA recovering 100% of the original value of the loans plus interest.

The loans were acquired by Maybourne Finance Limited, which is a company controlled by Sir David and Sir Frederick Barclay.