Qatari group wins bidding war for Claridge's

One of the world’s oldest and most famous hotels, Claridge’s of London is synonymous with old English luxury. But Qatari money is backing the brand now, along with its sister hotels the Berkeley and the Connaught.

The hotel’s holding company, Coirin, announced that Constellation Hotels Group of Qatar has bought the shares of twin brothers David Rowat Barclay and Frederick Hugh Barclay.

The sum for the purchase was undisclosed but represents 64% of the property’s shares, owned jointly between the Barclay brothers as well as Derek Quinlan, and Irish property developer.

Constellation Hotels Group is part of the Qatar Investment Authority and has been rapidly snapping up hotels in Europe in the past few years.

Recent acquisitions include InterContinental Park Lane for US $607 million in 2014 and the Paris Le Grand Hotel for $359 million.

Claridge’s and its sister hotels are the pinnacle of London luxury and have housed kings, queens, dignitaries and celebrities since the 19th century who have paid up to $30,000 for one night’s stay.