LONDON— US investment bank Lehman Brothers has emerged as front-runner in the race to buy the UK asset portfolio of InterContinental Hotels Group, according to a UK report. The bank, together with Canadian asset management firm Realstar, is said to have moved ahead of a rival bid from Goldman Sachs Whitehall Street property arm, acting with Westmont Hospitality of the US. The report added that InterContinental Hotels Group will retain a long-term contract to manage the 75 hotels, most of which are Holiday Inns, but the group has not ruled out a separate sale of the three biggest properties: the Holiday Inn Kensington Forum in London and the Holiday Inn and Crowne Plaza hotels at Heathrow airport.
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