Granada Bidding Heating Up

LONDON HOTEL BUSINESS. has learned from an industry source in Europe that the Granada Compass bidding is being led by Nomura Principal Finance, Bass Plc, and Millennium & Copthorne. According to the source, Nomura is leading the pack with bids on both the overall portfolio, as well as individual pieces such as the Le Meridien and Posthouse hotel chains. However, as the auction progresses, it seems as if the financial players edge is diminishing. In fact, hotel players may fare better, especially if the portfolio is sold in pieces, said the source, which brings down the prices. The final round of bidding for the auction is slated for late January, however, insiders question whether or not the next round for the auction will be the last. Other bidders include Starwood Hotels, Hilton, and Marriott. (12/29/00) Shannon McMullen