IHG has announced they have entered into a joint-venture agreement to purchase a 51% stake in Regent Hotels for $39 million in cash. There is also an option to purchase the remaining 49% in phases until 2026. Regent Hotels is a luxury brand of hotels and IHG will place it above their Intercontinental brand. Regent currently has six properties in the following cities:
- Beijing
- Berlin
- Chongqing
- Porto Montenegro
- Singapore
- Taipei
They have plans to add a property in Jakarta in 208, Harbin in 2019 and Phu Quoc in 2020. IHG has further plans to grow their global footprint to 40 hotels in total. Fingers crossed when these get added to the IHG system they will be eligible for the free night certificates Chase cardholders receive annually.
