InterContinental Hotels Group (IHG) has confirmed its acquisition of a 51 percent stake in Regent Hotels & Resorts.
The purchase comes at a $39 million cost, which will be payable in three $13 million segments, the first due upfront, the second in 2021, and the final payment in 2024. IHG will have the option to acquire the remaining 49 percent stake in a similarly phased manner from 2026 onwards.
Regent hotels will now fall into IHG’s brand portfolio, at the high end of its luxury collection. IHG intends to grow the Regent brand from the six hotels it currently holds to over 40 hotels in key gateway cities across the world.