Photographer: Matthew Lloyd/Bloomberg

Anbang Denies Report It’s Considering a Bid for InterContinental

  • Sunday Times reported Chinese insurer is weighing an offer
  • Anbang withdrew $14 billion offer for Starwood Hotels in March

Anbang Insurance Group Co., which tried to buy a U.S. hotel company in March, denied a report that it’s considering a bid for U.K.-based InterContinental Hotels Group Plc, owner of the Holiday Inn and Crowne Plaza brands.

Anbang has no plans to make a bid and is not considering an offer for InterContinental, said Chris Winans, a spokesman for Anbang at the public relations firm Hill & Knowlton Strategies. He declined to make any further immediate comment.

InterContinental, with a market value of 6.27 billion pounds ($8.2 billion), has been the subject of recurring takeover speculation amid consolidation in the lodging industry worldwide. Beijing-based Anbang in March abruptly withdrew its $14 billion takeover offer for Starwood Hotels & Resorts Worldwide Inc., clearing the way for Marriott International Inc. to buy the U.S. hotel company.

The U.K.’s Sunday Times reported that Anbang is in the early stages of considering making a 7 billion pound offer for InterContinental, citing people it didn’t identify. InterContinental declined to comment to the newspaper.  An InterContinental spokeswoman declined to comment to Bloomberg News.

Marriott has said it expects to complete the Starwood acquisition as soon as Chinese regulators approve the transaction. The second phase of Chinese regulatory review ends on Tuesday and Marriott Chief Executive Officer Arne Sorenson said July 28 on the company’s second-quarter earnings call that he’s optimistic the deal will close in the next few weeks.

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