Saudi billionaire eyes up InterContinental

Saudi billionaire tycoon Prince Al-Waleed bin Talal is rumoured to be looking at a takeover move for InterContinental Hotels Group (IHG).

The latest news of speculation on an IHG takeover saw the company’s shares soar by 12% valuing, the group at nearly $10b (£5.04b).

In separate news, IHG’s Asia Pacific chief executive Patrick Imbardelli, was named Hotelier of the Year 2006 at the 10th Asia Pacific Hotel Investment Conference, organised by Jones Lang LaSalle Hotels.

Imbardelli, who took up his role in 2003, oversees 188 hotels in the region with 105 more currently in the development pipeline.

Andy Cosslett, IHG chief executive, said: "This is a great accolade which is richly deserved by Patrick, who has been a driving force in growing the IHG portfolio in Asia Pacific.”

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By Emily Manson

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