The Barclay brothers have bought three of London's top hotels, including Claridge's, for 800m euros (£695m).
They acquired Claridge's, the Connaught and Berkeley from the National Asset Management Agency (Nama), the Irish government agency created to manage the toxic property loans of its bust banks.
Nama said it had recovered 100% of the original value of the loans plus interest, the BBC reports.
The loans had originally been made to the Maybourne Hotel Group by two Irish banks to fund the purchase of the hotels in 2005. By buying the loans, the Barclays have now acquired the hotels.
Nama took control of the bad property debt from Irish banks during the height of the financial crisis. Its purpose is to maximise 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 as well as the Ritz hotel.
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