The 51 percent interest has been acquired for USD39 million in cash, payable in three tranches of USD13 million. USD13 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 from 2026.
According to the company, 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 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.