According to this industry expert, Holiday Inn Express is the strongest brand in the portfolio. However, that's not the piece that Marriott, Starwood, and Hilton have their eyes set on.

"They're going to go after InterContinental and then try to sell the other brands to [an economy-focused] company, like Cendant," the source explained, adding potential bidders are not expected to buy the chain simply for re-branding opportunities.

Hilton Hotel Corp. is rumored to benefit most from a possible takeover, due to its lack of international presence--the Hilton brand outside the US is owned by Hilton Group Plc, which is unaffiliated with its American counterpart. This London-based group is also reported to be a frontrunner in the race for 6C.

Starwood, however, "is the most likely player, because of capital and because of what it's done with other brands [it's acquired], like Westin. Starwood repositioned that brand and is now doing the same with Sheraton," the hotel expert states. "Starwood could add extra value to the InterContinental brand."

Hilton, Starwood and Marriott were all contacted by GlobeSt.com regarding the speculation, but each declined to comment.

Bidding wars aside, the question remains: why would 6C want to sell?

One reason might be its poor integration into the lodging sector. Spawned from Bass--a restaurant, pub and brewing business--Six Continents faced significant litigation when it purchased Holiday Inn, and according to a source, it grossly overpaid for the InterContinental brand. Now, the company might just be looking to cut its losses.

If a takeover is successful, several possible scenarios could result. Among them, the 6C board might opt to dissolve, creating a great return for shareholders, or the company could continue as player in hotel real estate ownership, one source projects.