Barclay brothers buy hotel
Hotels - 14/09/2006 10:53:19
The Barclay brothers, who own the Telegraph group, are preparing to buy the Cavendish Hotel in London for around £100 million, it has been reported.
The Times said that the twins, who already own the Ritz in Piccadilly, have agreed to buy the four-star hotel in Jermyn Street from Richard Balfour-Lynn's Alternative Hotel Group (AHG).
The hotel contains 230 rooms and usually houses corporate guests or those who have headed into the capital for a weekend break.
Sir David Barclay and Sir Frederick Barclay are frequently described as being reclusive and Sir David's son, Aidan Barclay, manages their UK businesses.
The pair were born within ten minutes of each other in London to Scottish Roman Catholic parents who had ten children.
By 1962, they started redeveloping old boarding houses in London and making them into hotels and in 1975, they bought the Howard Hotel, overlooking the Thames at Temple Place.
In July 2004, they bought The Telegraph Group which includes The Daily Telegraph, The Sunday Telegraph, after months of intense bidding and lawsuits.
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