Intercontinental Hotels Group (IHG) has announced it will acquire a 51 per cent stake in Regent Hotels and Resorts for US$39 million (£28 million).
IHG will have the right to purchase the remaining 49 per cent of the brand in phases from 2026.
The company says it will bring the brand into its portfolio at the top end of its luxury segment. Regent current represents six hotels with three in development, but IHG plans to bring the total to 40 properties around the world.
IHG also announced that following its refurbishment, the Intercontinental Hong Kong (pictured), which opened as the Regent Hong Kong in 1980 and rebranded in 2001, will return as a Regent hotel in early 2021.
Keith Barr, CEO 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.”