The majority interest has been acquired for $39 million in cash over three payments; $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 percent interest in a phased manner beginning in 2026.
IHG will bring Regent into its brand portfolio at the top end of the luxury segment and will accelerate its growth globally. IHG’s intention is to grow the brand from six hotels today to over 40 hotels in key global gateway city and resort locations over the long term. The acquisition of Regent, according to IHG, is in line with the company’s focus on expanding its footprint in the fast-growing $60 billion luxury lodging segment.
by Dan Booth