LONDON Hilton Group, Strategic Hotel Capital and Sol Melia are said to be in talks to pursue the #3.5 billion Granada Compass hotels estate acquisition together. The consortium injected a total of #4.5 billion into an investment fund. Hilton has put in #500 million, Sol Melia #2 billion, and Strategic Hotel Capital provided another #2 billion.
By joining with the other partners, Hilton hopes to get management contracts on the overseas hotels and Strategic Hotel Capital will gain control of the Meridien chain. Sol Melia would run the Meridien, Posthouse, and Heritage hotel chains in Britain. (1/2/01)
SOURCE: Financial Mail