FTSE gains on hotel deal.
Investors Chronicle - magazine and web content, July, 2007
Blackstone's $26bn purchase of Hilton Hotels spurs gains in leisure stocks. Plus a business press round-up Jonathan Eley
London equities made further progress on Wednesday, with leisure stocks energised by news of Blackstone's purchase of Hilton. The FTSE 100 started the session up 0.3 per cent at 6,658.4, a rise of 18 points. The FTSE 250 was 0.2 per cent higher at 11,769.5 also helped by strength in mid-cap housebuilders.
InterContinental Hotels booked a 5.4 per cent rise as investors bet that more private equity capital was destined for the sector after Blackstone bought US hotel operator Hilton for $26bn overnight.
The deal improved sentiment toward the wider leisure sector, stoking hopes of further bid activity. Whitbread, long trailed...
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