LONDON According to a Reuters report, the Japanese bank Nomura and Marriott International are expected to launch final bids of less than #2 billion, or $2.9 billion for Compass Group s Le Meridien hotel chain. The report comes on the last day for final offers and follows earlier suggestions that the rivals might join forces for a combined bid.
According to a Financial Times report, Marriott is seen as the front-runner with a bid higher than Nomura s.
As previously reported by HOTEL BUSINESS. Le Meridien, the last hotel chain left on the block by Compass Group, is expected to fetch the highest price of all the Compass hotel brands. The four-star chain is made up of 146 luxury hotels in various European cities.
Compass has already sold its Posthouse hotel chain to Bass Plc, its Heritage hotels to Macdonald Hotels Plc and Bank of Scotland, and its Signature properties to separate buyers. (4/27/01)
SOURCE:Reuters