Grand Metropolitan Sells Inter-Continental Hotels

Grand Metropolitan acquired the Inter-Continental Hotels division from Pan Am for $500 million, following significant financial losses faced by Pan Am. This acquisition included the integration of Grand Metropolitan's existing chain of 17 hotels into the Inter-Continental brand, along with the Forum Hotels chain. The merger aimed to enhance the operational capacity and market presence of the Inter-Continental brand, which was already recognized for its global reach and luxury accommodations. In the subsequent months, Inter-Continental entered into a joint venture with Scanticon International, a Danish company, further expanding its operational footprint and service offerings in the hospitality sector. This strategic move was part of a broader trend in the hospitality industry, where consolidation and partnerships became essential for growth and competitiveness.