IHG ACQUIRES MAJORITY STAKE IN REGENT HOTELS FROM FORMOSA INTERNATIONAL FOR $39 MILLION
InterContinental Hotels Group has announced that it will acquire 51% of Regent Hotels & Resorts, from Taiwan’s Formosa International with an option to buy the remaining 49% “in a phased manner from 2026”. The $39 million deal will be paid in three tranches and is expected to close in the second quarter of 2018.
Regent Hotels, a famed luxury brand that has undergone a series of ownership changes over the last 50 years, will be IHG’s 13th brand, positioned at the top end of their brand portfolio. IHG intends to grow Regent Hotels from its current 6 hotels and 2,000 rooms to 40 properties and 10,000 rooms. IHG also announced that it intends to re-brand the iconic InterContinental Hong Kong as a Regent Hotel in early 2021, thus returning to the flag it had from 1980 to 2001.
Launched in 1970 by Robert Burns and Adrian Zecha in a JV with Japan’s Tokyu Group, Regent grew to become one of Asia’s leading luxury hotel brands until sold to Four Seasons in 1992, who rebranded a number of existing properties, and particularly development projects, under their own brand, before selling the Regent name to Carlson, owners of Radisson, in 1998. Carlson then sold Regent to Taiwan’s Formosa International, headed by Steven Pan and owner of the Grand Formosa Regent Taipei, in 2010.