IHG has continued its acquisitions streak, snapping up a 51% stake in Regent Hotels and Resorts to the tune of USD 39 million, split through three tranches from now until 2024.

The global hospitality firm plans to grow Regent from its current line-up of six hotels and 2,000 rooms, to 40 properties and over 10,000 rooms worldwide.

In a show of commitment to this long-term strategy, the  InterContinental Hong Kong, perched on the Tsim Sha Tsui side of the Hong Kong harbour, which first opened as the Regent Hong Kong in 1980 will once again welcome guests under its original name in 2021 following a full refurbishment.

This acquisition also allows IHG to slowly take over the remaining 49% interest in Regent Hotels and Resorts at a steady pace by 2026 with the help of Hong Kong-based real estate private equity firm Gaw Capital Partners.

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