InterContinental rejects bid
InterContinental Hotels has reportedly turned down a $10.1 billion bid for the company by an unnamed US suitor.
The offer was made a few weeks ago and dismissed by the IHG board as too low.
A report by Sky News suggests the bid may have been made on behalf of rivals Starwood Hotels & Resorts.
IHG operates over 4,700 hotels in 100 countries including the Crowne Plaza and Holiday Inn brands.
In the last two years it has rolled out two new specialist brands – the wellness-orientated EVEN Hotels and Hualuxe Hotels and Resorts specifically for the Chinese market.
UK-based IHG is an attractive proposition for a US bidder as a US owner would likely be able to move their tax domicile to the UK.
In a procedure known as ‘tax inversion,’ US companies can avoid paying tax on overseas cash holdings.
IHG has recently sold off many of its flagship hotel properties, including in San Francisco and New York, as it looks to concentrate on managing hotels rather than owning.
Earlier this month, IHG announced it would return $750m to shareholders funded by its hotel sell-off.
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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