Three luxury London hotels worth £1bn ($1.59bn), part of the Maybourne Hotel Group, are expected to be put up for sale after the company failed to refinance loans.

The properties include the five-star Claridge’s, Connaught and Berkeley hotels in the UK.

The hotels have now come under the control of the Irish Government by the National Asset Management Agency (Nama), according to

Nama is considering refinancing £675m ($1bn) owed by Maybourne to Anglo Irish Bank and Bank of Ireland, or it could sell the hotels to maximise proceeds.