IHG Completes Acquisition Of 51% Stake In Regent Hotels & Resorts
July 02, 2018 // Franchising.com // InterContinental Hotels Group (IHG) is pleased to confirm that its acquisition of a 51% stake in Regent Hotels & Resorts (‘Regent’) has now completed.
The 51% interest has been acquired for $39 million in cash, payable in three tranches of $13 million. $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 detailed in the announcement published on 14th March 2018, IHG will bring Regent into its brand portfolio at the top end of the luxury segment and will accelerate its growth globally, supported by IHG’s powerful enterprise. 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.
IHG is already a global leader in the luxury segment with the world’s largest luxury brand, InterContinental® Hotels & Resorts. The acquisition of Regent is in line with IHG’s focus on expanding its footprint in the fast-growing $60 billion luxury segment.
IHG® (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including InterContinental® Hotels & Resorts, Kimpton® Hotels & Restaurants, Hotel Indigo®, EVEN® Hotels, HUALUXE® Hotels and Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn®, Holiday Inn Express®, Holiday Inn Club Vacations®, Holiday Inn Resort®, avid™ hotels, Staybridge Suites® and Candlewood Suites®.
IHG franchises, leases, manages or owns nearly 5,400 hotels and 800,000 guest rooms in almost 100 countries, with more than 1,700 hotels in its development pipeline. IHG also manages IHG® Rewards Club, our global loyalty programme, which has more than 100 million enrolled members.
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales. More than 375,000 people work across IHG's hotels and corporate offices globally.
Visit www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news, visit: www.ihgplc.com/media and follow us on social media at: www.twitter.com/ihg, www.facebook.com/ihg and www.youtube.com/ihgplc.
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