Thursday, March 28, 2024
HomeNEWSHOTELSRegent joins IHG as its luxury brand

Regent joins IHG as its luxury brand

-

SINGAPORE, 16 March 2018: InterContinental Hotels Group said, Thursday, it has agreed with Formosa International Hotel Corporation to acquire a 51% stake in Regent Hotels and Resorts for USD 39 million in cash.

IHG will have the right to acquire the remaining 49% stake in a phased manner from 2026 onwards from Formosa.

IHG will bring Regent into its brand portfolio at the top end of the luxury segment and will accelerate its growth globally.

The long-term plan is to grow the brand from six hotels today to over 40 hotels in key global gateway city and resort locations.

The Regent brand dates back to the 1970s. Its founder, Robert Burns, introduced the upscale brand in Asia’s iconic destinations, Hong Kong, Japan, Thailand and Singapore.

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 USD60 billion luxury segment.

This initiative is supported by the creation of a new dedicated division funded by IHG’s efficiency programme, as outlined at its annual financial report on 20 February.

IHG also announced today that following an extensive refurbishment, due to commence in early 2020, InterContinental Hong Kong will revert to its original branding ‘Regent Hotel’ in early 2021.

The hotel opened its doors in 1980 as the flagship hotel for Regent across Asia. It was rebranded to InterContinental Hong Kong in June 2001.

Must Read

International buyers splurge on Phuket homes

0
PHUKET, 28 March 2024: Phuket has seen an unprecedented invasion of international buyers, transforming the island into the world's largest leisure-branded residential real estate...