InterContinental Sale Speeds Ahead
LONDON, UK, March 2, 2006. According to The London Times newspaper, America's Westmont Hospitality Group is in advanced talks to acquire 25 Holiday Inns and Crowne Plazas in continental Europe for up to 250 million pounds sterling ($437 million) from Intercontinental.
Less than a month ago InterContinental Hotels Group (IHG) said it planned to sell a separate package of seven InterContinental-branded hotels, in addition to the aforementioned 25 hotels. Israeli businessman Egal Ahouv has shown an interest in these properties, The Times reported.
Westmont, in a joint venture with the Canadian investment group Caisse de Depot et Placement du Quebec, approached IHG directly to pre-empt a formal sale process on the second package.
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