InterContinental Hotels Group (IHG) has confirmed that its acquisition of a 51% stake in Regent Hotels & Resorts (‘Regent’) has now been 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.

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 plans 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.