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Investment firm St James eyes up IHG's Paris hotel

21 June 2005

Following the collapse of Intercontinental Hotel Group's sale of its prestigious Paris property last week, there is already at least one new bidder in the frame.

Investment fund St James Capital and a major worldwide hotel group are believed to have tabled a bid more than the original valuation of £220m for the property.

Although a IHG spokesman declined to comment, he admitted that there had already been substantial interest in the hotel.

Sheikh Mohammed bin Rashid Al Maktoum withdrawal last week from the sale is predicted to reignite interest from previous failed bidders, which include Syrian investor Simon Halabi, Starwood Capital and Buckingham Securities.

IHG has already disposed of 123 hotels for a total of £1.8b and has a further 22 properties on the market valued at £420m.

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