SHARES in InterContinental Hotels touched fresh highs yesterday amid continued talk of a private equity bid.

The world’s largest hotelier confirmed in a regulatory filing that Ellerman Corp, the investment vehicle of the billionaire Barclay brothers, had built up a 5 per cent stake in the business.

A spokesman for InterContinental - best known for its Crowne Plaza and Holiday Inn brands - said the group had met Ellerman, as it would any major shareholder, but that no discussions were currently taking place. The Barclay brothers - David and Frederick - already own the Ritz Hotel in London, as well as the Telegraph newspaper group.

Ellerman held a stake in InterContinental prior to yesterday’s announcement, but it was below the threshold of 3 per cent at which it would need to be disclosed to the market. InterContinental shares gained 0.6 per cent.

Source: business.scotsman.com

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