SAN FRANCISCO—Activist shareholder Marcato Capital Management on Tuesday reiterated its call for Intercontinental Hotels Groupto seek a merger with another large operator in the sector. In a letter and presentation to IHG shareholders, locally based Marcato identified six potential merger partners for the world’s largest hotelier: Starwood Hotels & Resorts, Marriott, Hilton Worldwide Holdings, Wyndham Hotel Group, Hyatt and Accor S.A.

“This is a unique and ideal time for IHG to consider strategic alternatives,” according to the letter over the signature of Marcato managing partner Richard McGuire. “The hospitality industry and M&A environment are both strong; interest rates are at record lows; there are substantial revenue and expense synergy opportunities; and we believe there is likely to be interest from several potential strategic partners.”

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