China’s Anbang Insurance Group, which fought a protracted, but ultimately unsuccessful battle with Marriott for control of Starwood Hotels & Resorts, has set its sights on a new target.
Anbang is reportedly eyeing a £7 billion (about $9.5 billion) takeover of UK based InterContinental Hotels Group.
Anbang executives have opened talks with London bankers over a possible bid, the Sunday Times reports, quoting unnamed sources.
The company is thought to have been in ‘exploratory’ talks since June but no formal bid has yet been made.
IHG operates several brands including Holiday Inn, Crowne Plaza, Indigo, Kimpton and InterContinental with a portfolio of more than 5,000 properties.
After offer and counter offer for Starwood between Marriott and Anbang, which owns the New York Waldorf Astoria, the Chinese conglomerate abruptly pulled out of the running in April this year.
