DALLAS— During the Six Continents Hotel Conference, held here this week, HOTEL BUSINESS® learned that Six Continents is still searching for an upscale hotel chain acquisition, however, Tom Oliver, chairman/CEO of the company, said that an inked deal might not occur in 2002. “We’re rumored to be talking with every [hotel company]in the industry,” said Oliver, referring to recent reports that Six Continents was looking to acquire to Wyndham and Starwood. (Oliver declined to comment on what he called speculation, however). He did note that the company is “prepared and resourced” to purchase a hotel portfolio, particularly an upscale domestic chain which it would convert to the Inter-Continental or Crowne Plaza brands. However, a company portfolio considered for acquisition would have to meet specific financial criteria, said Oliver, including: achieving the weighted average of cost capital in three years, offering a positive increase in value above its present value, and being earnings positive within its first full year of operations. When asked if an acquisition should be expected to close within the next year, Oliver compared the current economic climate to the recent fall of the Asia markets. “You should have been seeing hotels selling at attractive prices [during the Asian crisis], but that never happened,” he said. “Almost all hotel owners [in Asia]felt there would be an upside… It made sense to hold on until that upside occurred.” He noted that in today’s current economy “the worst thing to do would be to be impatient…to make unattractive deals for your shareholders.” —Diana M. Rodriguez