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Lehman Brothers wins race for InterContinental hotels?

16 February 2005 by
Lehman Brothers wins race for InterContinental hotels?

Lehman Brothers Real Estate is believed to have won the race for the 75 hotels put up for sale by InterContinental, Caterer-online has learned today.

An industry source said that Lehman Bothers had almost certainly beaten Morgan Stanley's real estate arm, Goldman Sachs's Whitehall property fund and US venture capitalist Blackstone's property division.

The 75 InterContinental hotels were put up for sale in September last year. They are rumoured to be worth in the region of £1b and will remain under the management of the hotel group.

A spokeswoman for Lehman Brothers declined to comment. InterContinental refused to confirm whether any deal had been completed.

by Emily Manson

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