A consortium led by Lehman Brothers has today agreed to buy a group of 73 UK hotels from Intercontinental Hotels Group, the world's largest hotel company, for £1bn (€1.4bn) in cash.

Intercontinental Hotels shunned its regular investment banks for the deal and appointed Jones Lang LaSalle, a real estate investment company.

Michael Herman

Intercontinental Hotels Group

Citigroup

Jones Lang LaSalle

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Research group GfK’s measure of consumer confidence climbed to minus 18 in November’s survey from minus 21 in October.

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Lehman Brothers moves into hotels

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