IHG to open first Regent hotel since brand acquisition
The group first acquired the brand in 2018 for US$39 million
Hospitality group InterContinental Hotels Group (IHG) has announced it will soon open its first Regent brand hotel following its acquisition of the brand two years ago.
Following a management agreement with Shanghai 21st Century Co., Ltd. IHG will open the Regent Shanghai Pudong from May 16 this year. Under the agreement, IHG will also take over the management of the luxury apartments set above the hotel in the same tower.
IHG acquired a majority stake in Regent Hotels & Resorts in March 2018, bringing the brand into the top end of IHG’s portfolio and boosting its presence in the luxury segment of the industry. The 51% interest was bought with US$39 million in cash. According to IHG, the $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.
Regent Shanghai Pudong is the first opening of 40 by IHG to grow the Regent brand’s presence across the globe. Going into 2021 IHG plans to rebrand InterContinental Hong Kong into a Regent hotel, bringing the property back to its roots as it first opened as a Regent in 1980.
Other properties in the pipeline are spread across Phu Quoc, Vietnam, Bali, Indonesia, Kuala Lumpur, Malaysia and other parts of China.
Regent Hotels & Resorts, IHG managing director Justin Channe explained: “Welcoming Regent Shanghai Pudong to the Regent family represents a significant milestone for the brand not only in Greater China but also in the world. Since acquisition we have been committed to making the brand a real leader within luxury hospitality and taking it to the world’s best destinations. We are excited to team up with Shanghai 21st Century Hotel Co., Ltd., our long-term strategic partner, to bring Regent to Shanghai in such a prime location. We look forward to working closely with the owner to proudly bring Regent hallmarks to life in the hotel.”