LONDON Britains Compass Group is set to complete the first two steps of its Forte hotels auction next week with the sale of its Heritage chain and its last two London Signature hotels.
Compass is in advanced talks with the privately owned London & Regional Properties Group to sell two prominent London hotels, the Strand Palace and Regent Palace, for around $143.5 million to complete the first stage of the four-part Forte sell-off. In a further move, Scotlands Macdonald Hotels is set to pick up the Heritage chain of 47 country house hotels for around $502.4 million, beating off privately-owned Hand-Picked Hotels and Orient Express Hotels. (3/23/01)
SOURCE: Reuters Limited