IHG acquires 51% Stake in Regent Hotels & Resorts - InterContinental Hong Kong to become Regent Hotel in 2021
The InterContinental Hotels Group has just announced its agreement to acquire 51% stake in Regent Hotels and Resorts (which in turn makes them the largest shareholder) for $39 million in cash. They will then 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 intention is to grow the brand from six hotels today to over 40 hotels in key global gateway city and resort locations over the long term. Synonymous with timeless modernity, understated luxury and intuitive service, the Regent brand has set the benchmark for luxury hotels globally since it was founded in 1970. It has a world-renowned heritage, built around the elegant, timeless design of its hotels and rooted in its focus on delivering a truly unique and superior luxury experience for guests.
IHG is already a global leader in the luxury segment with the world’s largest luxury brand, InterContinental Hotels & Resorts. The acquisition of Regent is part of one of IHG’s new strategic initiatives focused on continuing to expand its footprint in the fast-growing $60 billion luxury segment. This initiative is supported by the creation of a new dedicated division to further enhance our capabilities in this area and will be funded by IHG’s efficiency programme, as outlined at our Full Year Results on 20 February.
IHG also announces today that following an extensive refurbishment due to commence in early 2020, InterContinental Hong Kong will become a Regent Hotel in early 2021. The hotel originally opened its doors in 1980 as one of the most iconic hotels to ever carry the Regent brand.
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