The Irish National Asset Management Agency (Nama) has confirmed the sale of three top London hotels to the Barclay brothers.
The Claridge’s, the Connaught and Berkeley were acquired by the reclusive businessmen for some £695 million.
Nama was established by the Irish government to manage the toxic property loans of its bust banks.
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.
In a statement, Nama said it had recovered 100 per cent of the original value of the loans plus interest.
The Barclays already own the Ritz hotel in London.
Nama took control of the bad property debt from Irish banks during the height of the financial crisis, and it is tasked with maximising the return to the Irish taxpayer over the long term.
Sir David Barclay and his brother Sir Frederick also own the Daily Telegraph and the Littlewoods retail group.