AFTER an unsuccessful bidding war with Marriott International for the acquisition of Starwood Hotels & Resorts, China’s Anbang Insurance Group has now apparently trained its sights on UK-based InterContinental Hotels Group (IHG).
Anbang, who became renowned for leading a Chinese consortium earlier this year to vie for control of Starwood, is reportedly preparing a 7 billion pounds (US$9.1 billion) bid for IHG, according to London’s The Sunday Times.
The paper mentions that bankers in London had been in opening talks with Anbang dealmakers since June.
However, a separate report by Bloomberg quoted an Anbang spokesperson as saying there are no plans for the Chinese company to make a bid, nor are they considering an offer for IHG.
IHG has nine brands under its umbrella, including Holiday Inn, Crowne Plaza and Hotel Indigo, as well as its newest brand Hualuxe specifically catered for Chinese consumers.
Its portfolio comprises over 4,700 hotels and nearly 674,000 rooms in almost 100 countries worldwide, which translates to approximately 157 million guest nights served per year.
