LONDON The forthcoming breakup of Forte Hotels is one step closer as the deadline passed this week for the receipt of indicative bids. The investment bank Schroder Salomon Smith Barney, along with Dresdner Kleinwort Benson, is managing the auction and has divided the estate into four divisions: Le Meridien, Posthouse, Heritage and four London Signature hotels. In addition to the original bidders, eight companies are believed to have entered the auction, including four international hotel companies Bass, Hilton, Marriott, and Starwood. Four private equity players Nomura, Blackstone, Strategic Hotel Capital and Doughty Hanson are also bidding. Accor, whose bid to buy the whole portfolio fell through, is still considered to be a likely contender for the 124-hotel Le Meridien brand. Most bids are expected to focus on the Le Meridien brand, although Jarvis and NH Hoteles were cited as possible contenders for the Posthouse brand. (12/5/00)
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