LONDON Japanese investment bank Nomura has been named the preferred bidder in the Meridien luxury hotel auction after submitting a bid of #1.85 billion, or $2.65 billion, according to a recent Reuters report. Nomura emerged with the top bid after Marriott offered a lower-than-expected #1.7 billion, or $2.43 billion, according to the report. Marriott had previously been the favorite in the deal.
Exclusive discussions between Nomura and Compass are expected to take place over the next few weeks, and a final deal may be signed by the end of the month. If Nomura does seal the deal, it is expected to hold on to Meridien s management, led by managing director Bernard Lambert, but appoint Juergen Bartels, the former chief executive of Starwood, as head of Nomura s hotels business. (5/2/01)
SOURCE:Reuters