InterContinental Hotels Group (IHG) has confirmed the acquisition of a 51% stake in Regent Hotels & Resorts (Regent).
Regent’s portfolio of properties comprises six existing locations in Beijing, Berlin, Chongqing, Porto Montengero, Singapore and Taipei, along with developments in Jakarta (opening late 2018) and Phu Quoc (opening in 2020).
The 51% interest has been acquired for $39 million in cash, payable in three tranches of $13 million. The initial $13 million was paid upon completion of the deal, with the second amount due in 2021 and the third in 2024.
Under the terms of the agreement, IHG will have the right to acquire the remaining 49% interest in a phased manner from 2026.
IHG will bring Regent into its brand portfolio at the top end of the luxury segment and will accelerate its growth globally, supported by IHG’s powerful enterprise. IHG’s long-term initiative is to grow to over 40 hotels in key global gateway cities and resort locations.
IHG is well established in the luxury segment with the world’s largest luxury brand, InterContinental Hotels & Resorts.
Lead image – Regent Chongqing