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Marriott and Nomura bid for Le Méridien estate
The deadline has expired for bids in the sale of Compass' Le Méridien estate, with Marriott and Nomura neck and neck in the race. The Le Méridien estate, including London's Waldorf, Le Méridien and Grosvenor hotels, is the last in the Forte portfolio up for sale. Last month the 79-strong Posthouse chain was acquired by Bass for £810m, and the Heritage brand was sold to a new company, jointly owned by Macdonald hotels and the Bank of Scotland, for £235m. Yesterday bids were received from the US-based Marriott and Japanese investment bank Nomura, believed by analysts to be between £1.6bn and £1.8bn. Schroder Salomon Smith Barney and Dresdner Kleinwort Wasserstein are overseeing the sale and the Compass Group is expected to select a preferred bidder within the next few days.
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