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InterContinental Hotels Group (IHG) announces that it has agreed to acquire a 51% stake in Regent Hotels and Resorts (“Regent”) for USD 39 million in cash. 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. 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. The acquisition of Regent is part of IHG’s strategic initiatives focused on continuing to expand its footprint in the fast-growing USD 60 billion luxury segment. Keith Barr, Chief Executive Officer of IHG, commented: “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.” There are currently 6 hotels with 2000 rooms in the Regent system. IHG expects to grow the brand to 40 hotels with more than 10,000 rooms over the long term. The transaction is expected to close during the second quarter of 2018 upon satisfaction of certain customary conditions. |
