LONDON Marriott International submitted this week what is expected to be the winning bid for the upmarket Meridien hotels chain, beating off rival Nomura, according to a recent Reuters report.
Industry sources believe Marriott will win the battle for the luxury hotel chain, which includes London s Grosvenor House and Waldorf hotels, with a bid of between $2.44 billion to $2.58 billion. The Meridien chain is the last of Compass Group s hotel assets to be sold.
The Reuters report indicated that a winner between Marriott and Nomura, which have been struggling against one another for some time to secure the assets, is likely to be announced by week s end.
In the meantime, Marriott is looking to sell off a number of UK Meridiens to its British partner, Whitbread, and has talked to Hilton Group Plc about selling a handful of other Meridiens.
Marriott is likely to rebrand Meridien hotels if successful, and is hoping to be able to brief investors on the deal at an analysts meeting it has arranged in Washington, D.C. on May 7. (4/30/01)