InterContinental Hotels Acquires 51 Percent Stake in Regent Hotels
InterContinental Hotels Group (IHG) has agreed to acquire a 51 per cent stake in Regent Hotels and Resorts for $39 million.
IHG will have the right to acquire the remaining 49 per cent 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.
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 in the Full Year Results.
IHG also announced 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.
Keith Barr, chief executive officer of IHG, said: “IHG is already one of the world leaders in luxury with our InterContinental Hotels and Resorts brand, but we see significant potential to further develop our global footprint in the fast-growing luxury segment. As one of the pioneers in defining luxury hotels both in Asia and around the world, Regent is an excellent addition to IHG’s portfolio of brands. We see a real opportunity to unlock Regent’s enormous potential and accelerate its growth globally. In addition, by creating a dedicated luxury division, we will be bringing together some of the most experienced and respected people in the industry who will help drive our luxury offer, ensuring that our existing luxury brands continue to evolve and allow us to bring in new brands such as Regent to enhance our brand portfolio.”
Source: Trade Arabia
InterContinental Hotels Group (IHG)
At IHG, we’re committed to delivering True Hospitality for everyone. We believe in making you feel welcome and valued, wherever you are in the world. That’s because we truly care about people and the communities we serve, and because we pride ourselves on providing the highest quality of service.
Each of our hotel brands caters to guests in their own distinct way. And our reach spans the globe. So, whether you’re travelling for business, fun with friends and family, or pure luxury, we have a hotel for you.
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