China’s Anbang eyeing takeover of IHG?

Contradicting reports about group’s plans
Having lost a bidding war with Marriott to buy Starwood Hotels & Resorts, China’s Anbang Insurance Group is now reported to be looking at acquiring another global hospitality giant – InterContinental Hotels Group.
Anbang, which thrust itself into the spotlight for leading a Chinese consortium earlier this year to gain control of Starwood, is preparing a £7 billion (€8.24 billion) bid for UK-based IHG, The Sunday Times writes.
Bankers in London have been in talks with Anbang since June, the newspaper says. But a separate report by Bloomberg quotes an Anbang spokesperson as saying there are no plans for the Chinese company to make a bid 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, which generates around 157 million guest nights per year.
The Sunday Times / Bloomberg / TTG Asia


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