LONDON Britains Compass Group Plc is looking to trim the number of bidders down to two for each of its four hotel divisions up for auction, with Marriott leading the race for Meridien, according to a Reuters report.
With a month to go in the auction process, Marriott is the favorite to pick up the luxury hotel chain for around #2 billion, or $2.9 billion, with Nomura close behind in second place.
Marriott is unlikely to want to keep the Meridien brand, which may be sold to Millennium & Copthorne, Omni, or even Accor, whose deal to buy the whole Compass portfolio fell through in October, prompting the auction.
Bass Plc is in the lead for the mid-market Posthouse chain, after being outbid for Meridien. However, Marriott is also in the running for Posthouse. (3/7/01)
SOURCE: Reuters