Intercontinental Hotels Group has teamed up with a property investor to participate in the £1.2bn auction of the company behind the Principal and De Vere hotel brands.
The Holiday Inn and Crowne Plaza operator and its unnamed partner are understood to be among a small number of remaining bidders for the Principal Hotel Company, which is being sold by Starwood Capital Group, the American investment firm, through UBS.
Also believed to be in the running is Henderson Park, a property investment firm founded in 2016 by Nick Weber, a former Goldman Sachs executive. Last year it acquired the Hilton Metropole hotels in London and Birmingham for almost £500 million.
