InterContinental Hotels Group (IHG) has completed its acquisition of a 51% stake in Regent Hotels & Resorts.
The 51% interest has been acquired for US $39 million in cash, payable in three tranches of $13 million. According to IHG, the $13 million was paid on completion, with the second amount due in 2021 and the third in 2024. IHG will have the right to acquire the remaining 49% interest in a phased manner from 2026.
As announced in March 2018, IHG will bring Regent into its brand portfolio at the top end of the luxury segment and will accelerate its growth globally. The company's intention is to grow the brand from six hotels to over 40 hotels in key global gateway city and resort locations.
According to the group, the acquisition of Regent is in line with IHG’s focus on expanding its footprint in the $60 billion luxury hospitality segment.
IHG recently opened its 1000th hotel in the Europe, Middle East, Asia and Africa (EMEAA) region, with the opening of InterContinental® Phu Quoc Long Beach Resort, in Vietnam.