InterContinental Hotels Group has announced the completion of a majority stake in luxury group Regent Hotels and Resorts for $39m (£28m).
Payment for the 51% stake of six managed hotels from Formosa International Hotels Corporation is being paid for in three installments of $13m, with the first taking place immediately, with further payments in 2021 and 2024. IHG has the right to acquire the remaining 49% stake from 2026.
Regent has now been propelled to the top of IHG's 13 portfolio of brands, including the well-established InterContinental Hotels & Resorts badge.
IHG intends to grow Regent from the current portfolio of properties in Berlin, Porto Montenegro (pictured), Beijing, Taipei, Singapore and Chongqing to more than 40 cities and resort locations around the world.
Founded in 1970 by hotelier Robert Burns as a leading luxury brand that would combine "Asian hospitality with Western elegance", Regent has passed through the hands of various of owners in the intervening years including Four Seasons and Carlson until it was sold in 2010 to Taiwan-based Formosa International Hotels.