Hotelier Paddy McKillen Received £5m Management Fee For Oversight Of Maybourne Hotel Group From Emir Of Qatar In 2019

Accounts that were filed in the UK in December of 2020 for London’s Claridge’s, Connaught and Berkeley hotels revealed that businessman and hotelier Paddy McKillen received a £5 million management fee for his oversight of the Maybourne Hotel Group in 2019 from companies controlled by the emir of Qatar.

As reported by The Irish Times, McKillen was previously a co-owner of London’s Claridge’s, Connaught and Berkeley hotels, but he sold his interests to the emir of Qatar, Sheikh Tamin bin Hamad al-Thani, in 2015, however, he was retained as an advisor to the emir following the sale.

It is believed that, in addition to his yearly fee, McKillen has a stake in any of future uplift in the Maybourne Hotel Group’s value, but he is not a shareholder in the hotels at present.

The Irish Times quotes a spokesperson for McKillen as saying, “Paddy McKillen personally manages and develops the hotels and the Maybourne brand with his team. He also has a substantial investment in the company.”

Claridge’s

Various accounts that were filed in the UK last month suggest that approximately £1.8 million of the management fee that was paid to McKillen’s Dublin-based Hume Street Consultants company in 2019 relates to his work at Claridge’s.

The ownership of Claridge’s is vested separately to the Maybourne Hotel Group’s other London hotels in Coroin, which also owns an investment property that is adjacent to Claridge’s.

Coroin’s accounts show a £9 million decrease in turnover to £58 million in 2019. Additionally, Claridge’s experienced a loss of £10.8 million after experiencing a pre-tax profit of £4.1 million the previous year, and its revenue per available room (RevPAR) increased by a fifth. Much of the hotel’s loss in 2019 was due to rolling closures of its room stock during that year to allow building work to take place.

Connaught And Berkley

Accounts for Selene Midco, which owns the Connaught and Berkley hotels as well as another London hotel development, indicate that the company’s revenues held steady in 2019 at £107.9 million while its pre-tax profits decreased from £6 million to £2.3 million. McKillen’s long-time associate Liam Cunnningham is a director of Selene Midco.

Originally published by Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. 

Stay up to date

Latest News

  • Five Irish Food Venues Being Sold
    Five Irish Food Venues Being Sold

    Five Irish food venues are being sold.   Details As listed on Daft.ie, a property comprised of a fast food take-away and…

    10 November, 2022

  • Four Star Pizza Partners With BWG Foodservice For Supply Deal
    Four Star Pizza Partners With BWG Foodservice For Supply Deal

    Four Star Pizza has partnered with BWG Foodservice in a multimillion euro deal over the next five years for the exclusive supply of…

    10 November, 2022

  • Cliff Group Appoints New Joint Managing Directors
    Cliff Group Appoints New Joint Managing Directors

    Hotel and hospitality company Cliff Group has appointed Patrick Shields and Tristan Jacob as joint managing directors. Shields’s Responsibilities In his new…

    10 November, 2022

  • Fota Island Resort Appoints New Executive Chef
    Fota Island Resort Appoints New Executive Chef

    Fota Island Resort has announced the appointment of Tomasz Pawlak as its executive head chef. Pawlak’s Background Originally from Poland, Pawlak…

    10 November, 2022

  • Griffin Hotel Group Returns To Profit, Details Plans For Solar Farm
    Griffin Hotel Group Returns To Profit, Details Plans For Solar Farm

    Griffin Group Hotels Limited, which operates Monart Destination Spa, the Ferrycarrig Hotel in Wexford and Hotel Kilkenny, has filed its 2021…

    10 November, 2022

  • Shelbourne Hotel Of Dublin Records Increase In Revenue
    Shelbourne Hotel Of Dublin Records Increase In Revenue

    Dublin’s Shelbourne Hotel has recorded an increase in revenue for last year. Details As reported by the Irish Independent, according to…

    10 November, 2022

We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies.
Accept
Reject