The Compass Group has completed the year-long auction of its Forte estate with the sale of Le Méridien chain to Nomura for £1.9bn. The sale means that Compass has raised gross proceeds of £3.26bn from selling off its former Granada hotels as part of the demerger of the two companies last year. Head of Nomura's Principal Finance Group, Guy Hands, plans to merge the Le Méridien chain with his Principal Hotels Group, which he acquired in February. Hands, who is leaving Nomura later in the year, will become non-executive chair of the combined group.