Maybourne Finance, a compeny controlled by David and Frederick Barclay, has purchased more than EUR 800 mln of debt held by the Maybourne Hotel Group, owner of the Claridges, Connaught and Berkeley luxury hotels in London.

The vendor of the debt is Ireland's National Asset Management Agency (NAMA), which acquired the loans at the end of June 2010 from the two Irish banks which funded the acquisition of the hotels in 2005.

In a statement, NAMA said it has recovered 100% of the original value of the loans plus interest. The disposal reflects the NAMA's strategy to reduce its EUR 71 bn loan portfolio by 25% by 2013.