The billionaire Barclay brothers today emerged as 5% shareholders in InterContinental Hotels, fuelling speculation they may be lining up a consortium bid for the world’s largest hotels group.

Shares in InterContinental, which owns the Crowne Plaza and Holiday Inns, jumped to a new peak of £13.50 in early trading, later easing to £13.32p, still up 32p on Friday’s close. At this level, the group is valued at just over £4.7bn.

A spokesman for InterContinental said the Barclays’ Ellerman Corp was already on the shareholder register but had now gone through the discloseable 3% level.

He revealed that the two sides had met earlier this month but declined to say what was discussed or to speculate on what their intentions might be.

“They were already a significant shareholder and we have met with them as with any other shareholder,” he said. “We are not in ongoing discussions.”

The spokesman said InterContinental had been given no indication at the meeting earlier this month that the Barclays would be increasing their holding beyond 3%.

The Barclays’ interests include Telegraph newspapers, and the Ritz Hotel in London. Speculation surrounding InterContinental has centered on a consortium of high net-worth individuals, led by the Barclays, launching a £5bn-plus bid of £15 a share. Starwood Capital of the US has also been mentioned as a possible bidder.

Source: business.guardian.co.uk

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