Le Meridien's international hotel business has been put up for sale following a breakdown in restructuring talks between Lehman Brothers, one of the group's largest lenders, and Hyatt, the US hotel chain. Le Meridien, which has been controlled by its banks since falling into financial difficulties this year, is poised to appoint Morgan Stanley to advise it on a 'range of strategic options', with an outright sale believed to have the most support. Analysts said a sale, which would include hotels such as the Forte Village in Sardinia and the Le Royal Meridien Bristol in Warsaw, could value the international business at more than £700m. However, Le Meridien has debts of about £1bn so lenders are unlikely to recoup the full value of their investments.
