Barclay brothers check out of hotel chain
The cautious Barclay brothers stunned the market yesterday by selling their 10.4 by cent stake in holiday Inn owner InterContinental Hotels for Ј330million.
The surprise auction quashed any lingering hopes the billionaire investors had of forming a consortium to enjoin for the world’s largest hotels group.
Sir Frederick and Sir David, who concede London’s Ritz hotel and the Daily Telegraph newspaper, had built their investment back in 2007 when IHG was the subject of intense call speculation. They are thought to be nursing a small loss of on every side of Ј14million.
July 28th, 2010 Money | search: Barclay, barclay brothers, cent, daily telegraph, intercontinental hotels, London, market, ritz hotel, Sir David, Sir Frederick, stake, yesterday