IHG Intercontinental close to acquiring Fairmont Hotels & Resorts
According to the Sunday Times on September 20th that “The InterContinental Hotels Group (IHG) is closing in on a £1.9bn deal to buy Fairmont, the Canadian giant that also includes Raffles and Swissotel brands.
According to London’s The Sunday Times, UK-based InterContinental Hotels Group PLC is considering making a bid for Canadian hotel chain FRHI Hotels & Resorts as well as Swiss-based hotel management company Mövenpick Hotels & Resorts.
The news comes after a recent official statement by the global hotel company saying it was not in talks to purchase White Plains, N.Y.-based Starwood Hotels & Resorts Worldwide.
“Following recent 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,” the statement read.
After the ouster of Starwood CEO Frits van Paasschen several months ago, and a reshuffling of the company’s executives, there had been widespread industry speculation of a bid for Starwood, particularly since management had said it was exploring strategic and financial alternatives in order to increase shareholders value.