InterContinental Hotels Group Plc rose to a record in London trading after Starwood Hotels & Resorts Worldwide Inc. said it’s exploring strategic and financial alternatives to increase shareholder value, fueling speculation it may bid for InterContinental.
InterContinental, owner of the Holiday Inn and Crowne Plaza brands, rose as much as 5.8 percent to 2,967 pence, the highest since the shares first traded in 2003. In November, activist investor Marcato Capital Management urged InterContinental to merge with another “major hotel operator.”
