Anbang Denies Plans for InterContinental Bid

By Paul Riegler on 9 August 2016
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The InterContinental San Francisco

The InterContinental San Francisco

Anbang, the Chinese insurance company that disrupted Marriott’s bid for Starwood before dropping out of the running, has reportedly turned its interest to InterContinental Hotel Group.

The company reportedly held talks with investment banks about a £7 billion ($9.1 billion) acquisition of IHG, the UK-based owner of Crowne Plaza, Holiday Inn, and Hotel Indigo brands.

However, a spokesman for Anbang said that the company has no plans to make such an offer.

At press time, InterContinental had not responded to a request for comment.

Meanwhile, Marriott said it expects to close the Starwood acquisition once Chinese regulators approve the transaction. Arne Sorenson, the hotelier’s CEO, said he’s optimistic that the deal will close in the next few weeks in the course of the company’s earnings call on July 28.

(Photo: Accura Media Group)

Accura News

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