Paddy McKillen

Paddy (Patrick) McKillen (born 1955; Belfast, Northern Ireland) is an international hotelier, property investor and businessman.[1]

Biography

During the 1980s McKillen built up a portfolio of prime assets including commercial buildings, retail stores and shopping centres in Dublin, Belfast, Cork and Limerick. He was the main shareholder of the Jervis Shopping Centre (which was a hospital that he turned into a shopping mall[2]), and a key investor in Clarendon Properties.[3]

In the 1990s, he turned his attention to building an international property business.He focused on buying properties with significant unrealized potential in key locations, improving them and managing and holding the assets for the long-term. His portfolio gathered hotels, retail and commercial properties in Europe, the US, Asia and South America.

Having originated the deal and arranged the funding Derek Quinlan bought the Savoy Hotel Group with other investors including McKillen in 2004. Shortly afterwards Quinlan sold the Savoy Hotel and changed the name to the Maybourne Hotel Group which includes three of the finest hotels in the world – Claridges, The Connaught and The Berkeley. Quinlan closed The Connaught in 2006 for a total redevelopment including new basements and penthouses. He personally chose designers and artists to work with him including Damien Hirst, David Collins, India Mahdavi and Tadao Ando who developed the famous water feature at the front. The Connaught was re-opened in 2008 and is regarded, by McKillen, as one of the finest restorations of any luxury hotel in the world. It has since performed with one of the highest revenue levels amongst its peers in the international super-luxury hotel category.

Since 2007, Paddy McKillen was part of a consortium to develop the U2 Tower (planned storied building in Ireland). The progress of the project came to a halt a few years after the credit burst of 2008. The U2 Tower plans were eventually abandoned.[4] In January 2019, a new project was approved on the docks where the tower would have been erected, a U2 Visitor Center, with McKillen among the promoters of the project.[5] McKillen is a long-time friend of U2's singer Bono.[6]

In 2015, the Qatari royal family (through Constellation Hotels, subsidiary of Qatar Holding) bought McKillen's Maybourne group for an undisclosed amount believed to be around 1.4 billion pounds.[7] McKillen retains a minor financial interest in the hotels.[8] Since 2015 he has initiated major renovation works to both The Berkeley Hotel and Claridges which by 2020 will have almost doubled in size to include new penthouses, suites, spas and a retail element. McKillen has personally hired some of the world’s foremost designers, artists and restoration experts for this highly anticipated project. McKillen has hired Lord Richard Rogers to design Maybourne’s fourth hotel in Knightsbridge, overlooking Hyde Park, which will be completed in 2020.[9]

In 2016, through his real estate development company Clarendon Properties, he won the project to redevelop Cork's waterfront.[10] Clarendon was also bought Cork's Wilton Shopping Centre development project from NAMA in 2016.[11]

He was nominated by both the British and Irish Governments’ as a Director of International Fund for Ireland to promote Peace and Reconciliation.

McKillen was appointed by the Irish Government to the Construction Industry Development Board (CIDB) founded to help improve Ireland’s property crisis.

NAMA

McKillen launched his first major legal action to stop NAMA when it attempted to seize his loans and assets during Ireland’s banking crisis. In February 2011 he won a landmark Supreme Court Case in Ireland and blocked NAMA from seizing some €3 billion of loans associated with companies he had a shareholding in. McKillen lined up Nobel Prize winning economist Professor Joseph Stigliz as an expert witness in the case which was unusually heard before all seven Irish Supreme Court judges. Professor Stiglitz stated that McKillen’s international portfolio of prime property assets was run to pension fund standards and that his profitable and fully performing loans, were exactly what the Irish economy needed to recover and stimulate growth and jobs, and that it would be detrimental to Mr McKillen’s businesses and the Irish economy to transfer them to NAMA. The seven Irish Supreme Court judges unanimously ruled in McKillen’s favour essentially because the decision acquire the loans was made before NAMA had been formally established. They also found that McKillen has a right to be heard before acquisition of his loans. McKillen’s Supreme Court victory marked the beginning of a series of high profile international legal battles taken to protect his businesses from corporate raids that came about because of Ireland’s banking crisis. His Irish Supreme Court case, Dellway vs NAMA is recognised as a landmark legal decision and is used internationally as an example of how Government’s cannot over-ride citizen’s rights during national emergencies.

Barclay Brothers

The British Barclay Brothers launched a vicious hostile takeover attempt on the Maybourne Hotel group in January 2011. McKillen fought back and spent over £50 million in legal fees on one of the largest commercial legal actions taken in London Courts to prevent the brothers from seizing the hotels. The battle caught the attention of world media as McKillen fought to protect his business. In 2015 McKillen and the Barclays both accepted defeat and sold their entire shareholding in the hotels to the Qataris. McKillen no longer has any shareholding in Maybourne and is now paid to oversee the running and major redevelopment of the hotels.[12][13][14][15]

Properties

Chateau La Coste/Villa La Coste
See also: Villa La Coste

Paddy McKillen owns and has been developing Chateau La Coste, a biodynamic vineyard and international destination for art, architecture and natural beauty in Provence, for the past 15 years.[16] It was named by Newsweek as one of the Top 100 Destinations to ‘Visit in the World’. In 2017 McKillen opened a luxury hotel, Villa La Coste, on the 600-acre estate.

The estate and hotel have received some of the world’s leading awards and accolades. Within the first year of opening, Villa La Coste was placed on Conde Nast Traveler USA Gold List, received The Grand Award 2018, Andrew Harper Hideaway of the Year, 2018 Mr & Mrs Smith – Best Smith Hotel, Tatler Magazine – World Best Hotel Design 2018, Town & Country Magazine – Best New Hotel in the World and Tablet Hotels – Top New European Hotel.

McKillen has always been noted for his high-quality work and attention to detail which is strongly influenced by his deep understanding, interest and appreciation of art and architecture. He counts some of the world’s greatest architects as personal friends such as Lord Rogers, Tadao Ando and Jean Nouvel.[17]

McKillen is continuing to expand his global business and has commenced developing a Tadao Ando designed Japanese Inn in Gion, Kyoto.

Other properties

In June 2015, Calvin Klein bought McKillen's house on the Hollywood Hills of Los Angeles for $25 million (purchased $6 million in 2012).[18]

Personal life

Paddy McKillen is married to his wife Maura. They have four children together and live in Los Angeles and France.[2]

His son, Paddy McKillen Junior, is the owner of Press Up Entertainment.[19]

References
  1. "GQ Magazine". GQ. 12 January 2019. Retrieved 12 January 2019.
  2. Nicola Anderson (11 July 2014). "Paddy McKillen: Elusive tycoon who built own fortune". independent.ie. Retrieved 22 October 2019.
  3. Cormac Murphy (17 November 2010). "Abercrombie & Fitch tipped to take former Habitat store". Herald.ie. Retrieved 22 October 2019.
  4. Paul O'Donoghue (6 January 2016). "Whatever happened to... U2's skyscraper in Dublin's docks?". Fora.ie. Retrieved 22 October 2019.
  5. Gordon Deegan (23 January 2019). "U2 gets green light for band's visitor centre planned for Dublin's docklands". independent.ie. Retrieved 22 October 2019.
  6. "Court told Bono met Saudi prince on yacht in hotel deal". Bbc.com. 26 April 2012. Retrieved 22 October 2019.
  7. Pamela Mewenham (28 April 2015). "Qatari group buys McKillen's stake in London hotels". Irishtimes.com. Retrieved 22 October 2019.
  8. https://www.wallpaper.com/travel/grill-power
  9. Alain Elkann (6 January 2019). "Paddy McKillen". Alainelkannibterview.com. Retrieved 22 October 2019.
  10. Barry O'Halloran (28 July 2016). "Paddy McKillen's Clarendon wins contract for Cork CIÉ site". Irishtimes.com. Retrieved 22 October 2019.
  11. Barry O'Halloran (7 September 2018). "Paddy McKillen and partner could make €16m on Cork shopping centre". Irishtime.com. Retrieved 22 October 2019.
  12. "London hotels case heads for High Court". Ft.com. 11 March 2012. Retrieved 22 October 2019.
  13. Olivia Shah (4 March 2012). "Tycoons tussle over top hotels". Thetimes.co.uk. Retrieved 22 October 2019.
  14. Joe Brennan (20 November 2011). "Maybourne Holder McKillen Plans Controlling Stake, Times Says". Bloomberg.com. Retrieved 22 October 2019.
  15. Neil Callanan (16 December 2011). "Buyers Prize Glitziest London Hotels as $25 Cocktails Flow". Bloomberg.com. Retrieved 22 October 2019.
  16. Lanie Goodman; Adrian gaut. "Starchitects on Parade". Nytimes.com. Retrieved 22 October 2019.
  17. Madeleine Lyons (13 February 2016). "Paddy McKillen's blend of wine and art in Provence". Irishtimes.com. Retrieved 22 October 2019.
  18. Madeleine Lyons (25 June 2015). "Calvin Klein buys McKillen-built LA home for $25 million". Irishtimes.com. Retrieved 22 October 2019.
  19. Ronald Quinlan (20 July 2019). "Paddy McKillen jnr, the mystery man of Dublin nightlife". Irishtimes.com. Retrieved 22 October 2019.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.