Intercontinental Hotels Group is reportedly working with a property investor to participate in the £1.2 billion (US$1.7 billion) auction of Starwood Capital Group’s UK-based Principal Hotel Co., which owns and operates the Principal and De Vere hotel portfolios.
The Times of London has reported that only a handful of bidders remain for the prize, which is being sold through UBS.
Also believed to be in the running is Henderson Park, a property investment firm founded in 2016 by Nick Weber, a former Goldman Sachs executive. Last year it acquired the Hilton Metropole hotels in London and Birmingham for almost £500 million (US$698 million). It also owns Le Méridien Étoile, the largest hotel in Paris.