InterContinental Hotels Group Plc, the world's largest hotelier, said it would focus on increasing room numbers and raising its valuation and had received no bids, despite speculation U.S. peers were circling.
The British-based group (IHG.L), which operates InterContinental, Crowne Plaza and Holiday Inn hotels, is moving toward being a managed and franchised hotel operator, but analysts have warned that unless it closes the valuation gap with its U.S. hotel rivals it may become a bid target.
"We have received no offer of any description," said group Chief Executive Andrew Cosslett in an interview with Reuters on Wednesday.
Cosslett said the valuation gap of around 20-25 percent was beginning to close, and as the group was very focused on growth it hoped it would get recognition from the stock market.
Analysts said unless InterContinental closes this gap then U.S. players such as Starwood Hotels & Resorts Worldwide Inc (HOT.N) or Marriott International Inc (MAR.N) may approach it and take advantage of its relatively low share price.
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Source - Reuters
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