LONDON Nomura Principal Finance Group and Marriott International are finalizing bids for Compass Group Plc s 3.5 billion pound, or $5 billion hotel sale, reported the Financial Times, without citing sources. Analysts believe Nomura is likely to be Compass preferred choice, as Marriott has a reputation for paying low prices for assets, the newspaper said.
Nomura is bidding for three of the four groups for sale Le Meridien, Posthouse hotels and three London hotels operating under the Signature brand. Marriott doesn t usually buy hotel assets, but is keen to increase its European operations. It could sell some of the underlying property to Host Marriott, the paper said. (2/24/01)
SOURCE:Bloomberg News