Anbang Insurance Group Co., which tried to buy a U.S. hotel company in March, denied a report that it’s considering a bid for U.K.-based InterContinental Hotels Group Plc, owner of the Holiday Inn and Crowne Plaza brands.
InterContinental, with a market value of 6.27 billion pounds ($8.2 billion), has been the subject of recurring takeover speculation amid consolidation in the lodging industry worldwide.
The U.K.’s Sunday Times reported that Anbang is in the early stages of considering making a 7 billion pound offer for InterContinental, citing people it didn’t identify. InterContinental declined to comment.
Marriott has said it expects to complete the Starwood acquisition as soon as Chinese regulators approve the transaction. The second phase of Chinese regulatory review ends on Tuesday and Marriott Chief Executive Officer Arne Sorenson said July 28 on the company’s second-quarter earnings call that he’s optimistic the deal will close in the next few weeks.
Read original article
