IHG eyes bid for rival hotel chains
After saying it was not considering a merger with Starwood Hotels & Resorts, InterContinental Hotels Group PLC is reportedly considering bids for hotel chains Fairmont and Movenpick.
UK newspaper The Sunday Times quoted ‘senior city sources’ saying Canadian operator Fairmont and Swiss based Movenpick are each being advised by Deutsche Bankover over a possible sale to IHG.
IHG and Starwood had begun talks over a potential deal earlier this year, the report said, but ‘talks never got off the ground’ due to regulatory issues.
IHG has been under pressure by at least one major institutional investor to seek a tie-up with a major hotel group.
"The board of directors of IHG states that it is not in talks with Starwood with a view to a combination of the businesses," a statement said last week.
Fairmont’s owners, FRHI Hotels & Resorts said in June they were looking to sell the company, which includes the Fairmont, Raffles and Swissotel brands.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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