InterContinental To Announce Acquisition

InterContinental Hotels Group this week reportedly is scheduled to announce a major acquisition. BTN sources today confirmed that Wyndham Hotels & Resorts or Adam's Mark Hotels & Resorts are the likely candidates.

IHG, which this spring was spun off from the former Six Continents Plc, is said to be in the market for an upscale brand to supplement its existing Crowne Plaza franchise. IHG's other brands include InterContinental Hotels, Holiday Inn, Holiday Inn Express and an extended stay entry, Staybridge Suites.

Wyndham, which carries a heavy debt load, has been rumored for some time to be an acquisition candidate. Adam's Mark, which is family-owned, earlier this year reportedly placed about half of its 20-plus property portfolio on the block.