Billionaires increase InterContinental stake

Shares in InterContinental Hotels made fresh gains today after it emerged the billionaire Barclay brothers now owned more than 8% of the group.

The increased shareholding of the pair’s investment vehicle, Ellerman, ensured the blue-chip stock continued to hover near record highs, up 18p at 1234p.

The Barclay brothers – David and Frederick – own the Ritz Hotel in London, as well as the Telegraph newspaper group.

Recent speculation suggested the brothers were part of a consortium of high net-worth individuals interested in a bid, possibly at more than £5bn (€7.3bn).

InterContinental is best known for for its Crowne Plaza and Holiday Inn brands.

Ellerman has built up its stake since it emerged in January that the investment vehicle owned more than 3%, the threshold at which shareholdings need to be disclosed to the stock market.

It emerged today that the stake had increased from 7.11% to 8.19%, making it the largest shareholder.