The 3 bln stg asset sell-off by InterContinental Hotels Group PLC (IHG) is set to gather pace amid indications that America's Westmont Hospitality Group is in advanced talks to acquire 25 Holiday Inns and Crowne Plazas in continental Europe for up to 250 mln stg, The Times reported.

According to the newspaper a separate package of seven InterContinental-branded hotels, worth some 400 mln stg and including the Carlton in Cannes, has attracted interest from Egal Ahouvi, the Israeli businessman who has teamed up with Royal Bank of Scotland Group PLC to buy UK hotel assets.

It said the levels of progress will surprise the market as it is less than a month since IHG announced the appointment of agents to sell the seven InterContinental properties. It noted that IHG had said the other 25 hotels would be sold later.

The Times said Westmont, in a joint venture with the Canadian investment group Caisse de Depot et Placement du Quebec, approached IHG directly to pre-empt a formal sale process on the second package.

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