IHG BUYS MAJORITY STAKE IN REGENT HOTELS & RESORTS

InterContinental Hotels Group, which operates Holiday Inns, Crowne Plaza and other brands, has agreed to buy a 51 percent stake in Regent Hotels and Resorts for $39 million. The company said it would have the right to buy the remaining stake in a phased manner over the next few years.

The company said the InterContinental Hong Kong would become a Regent hotel in early 2021 following an extensive refurbishment. Regent was founded in 1970 as a luxury hotel brand and has been through multiple ownership changes since then.

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