Intercontinental Hotels has bought a controlling stake in Hong Kong’s Regent Hotels and Resorts to expand its reach in the luxury sector.
IHG paid $39 million for a 51% stake in Regent and has the option to acquire the remaining capital in a phased manner from 2026. IHG plans to grow Regent from the current portfolio of six properties and 2,000 rooms to more than 40 hotels in cities and resorts.
IHG will add some of its existing properties to the Regent brand, which dates back to 1970. The InterContinental Hong Kong will become a Regent from early 2021 following a refurbishment. The property was the original Regent when it opened in 1980 but was rebranded as an InterContinental in June 2001.
IHG chief executive Keith Barr said: “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.
“In addition, by creating a dedicated luxury division, we will be bringing together some of the most experienced and respected people in the industry who will help drive our luxury offer, ensuring that our existing luxury brands continue to evolve and allowing us to bring in new brands such as Regent to enhance our brand portfolio.”
Regent currently has three hotels under development and IHG expects to add another 10,000 rooms to the brand over the long term.