IHG looks to Fairmont and Movenpick
Intercontinental Hotels Group is reportedly looking at bids for Fairmont and Movenpick after quashing rumors it was in talks over a merger with Starwood Hotels & Resorts last week.
The Sunday Times said a deal between IHG and Starwood was hindered by ‘regulatory hurdles’ as it would have created the world’s biggest hotel operator.
The newspaper added that the Canadian hotel group, Fairmont and Swiss-based firm Movenpick were being advised about potential sale options by Deutsche Bank.
The UK based hotel group issued a denial statement last week after shares in IHG rose nearly 5% in London trading.
"Following recent market speculation, the board of directors of IHG states that it is not in talks with Starwood with a view to a combination of the businesses," InterContinental said.
Starwood, which has a market value of about £8bn, is a target for Accor, the French hotel giant and America’s Wyndham Worldwide, reports the Sunday Times.
The company, which operates 10 hotel brands including Sheraton and St Regis, has also reached out to sovereign wealth funds, Reuters said.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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