Luxury hotel group is at the centre of a legal dispute between Paddy McKillen and a Qatari royal
Coroin, which owns the five-star Claridge’s Hotel in London and the Maybourne Beverly Hills in Los Angeles, last year wrote back an almost £19.7 million impairment charge it took in 2022 after revaluing its London properties. File photograph
After tax losses at Coroin, which is owned by Luxembourg-registered entity Regis Investments, controlled by former Qatari Emir Sheikh Hamad Bin Khalifa Al Thani, increased by more than £10 million after tax in 2023 to £77.8 million. Coroin’s parent and its US subsidiary, meanwhile, also took out an additional £194.8 million loan facility with Deutsche Bank – in which the Al Thani family are significant shareholders – last year, which also matures in 2028, the majority of which was used to pay off a JPMorgan loan last September.
The directors said Claridge’s had recovered from the pandemic but the US market had been slower to return to pre-Covid levels. Maybourne Beverly Hills closed 2023 with a £16.9 million operating loss, they said.
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