Barclay brothers on course to add the Beaumont to hotel portfolio

George Sell By George Sell
27 August 2018 | Updated 27 August 2018

UK: The Barclay brothers, the owners of the Ritz, are reportedly close to taking over the Beaumont hotel in London.

The Beaumont, which opened in 2014, was the first hotel project from restaurateurs Christopher Corbin and Jeremy King. The facade of the 73-room property features a sculpture by Sir Antony Gormley, which contains a bedroom and looks like crouching man.

Sir David and Sir Frederick Barclay are understood to have agreed to buy the Mayfair hotel's lease from the Grosvenor Estate for between £125 million and £140 million.

According to The Times, the auction attracted serious interest from five bidders, including Singapore-based Royal Group, as well as Corbin & King.

Corbin & King designed the Beaumont and has run the hotel since it opened. The decision by the Duke of Westminster's Grosvenor Estates to sell the lease to the Barclays is likely to result in the brothers' Ellerman Hotel Company taking over management of the property.

Grosvenor paid for much of the hotel's development, but according to The Times report, "the estate's relationship with Corbin & King soured in 2016 when the Beaumont's financial performance proved less impressive than forecast".

Grosvenor cancelled Corbin & King's lease and put the company on a contract to manage the property instead. Grosvenor appointed JLL to market the lease this year. The Barclays are understood to have exchanged contracts.

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