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Rising property prices created exit route for the Barclays to end bruising ownership battle.The drama concluded last week when the Barclays threw in the towel, selling their 64 per cent interest in the hotels. After patiently pursuing the hotels for years, the Qataris had boxed in the brothers and left them with few options. Irish property developer Patrick McKillen, who will manage the hotels for the Qataris, said that he would immediately embark upon extensive renovation projects that have been stalled since the financial crisis.This forced both the Barclays and the Qataris to move behind the scenes, amassing their stakes through proxies to avoid triggering the clause.At the beginning of 2011, the Qataris offered a deal: a tentative joint venture, known as Project Court, and signed by Sheikh Jassim and Aidan Barclay, which would see the Barclays run the hotels and the Qataris help with the financing.Eventually Mr McKillen turned to the Qataris for financing in 2012, offering them a way back in.The Qataris offered less than Abu Dhabi, but the Barclays accepted.
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