Holiday Inn owner InterContinental Hotels Group (IHG) has picked up a controlling stake in a luxury hotel business.
Regent Hotels and Resorts, which has six sites currently, will grow to a 40-strong chain of five-star destinations under IHG's ownership.
IHG announced today that it had bought a 51 per cent stake in the business for $39m (£28m) and will have the right to acquire the remaining 49 per cent in phases from 2026.
The acquisition marks a push towards the fast-growing $60bn luxury segment of the hotel market. IHG has previously outlined a plan to create a dedicated luxury division within the company.
"We see a real opportunity to unlock Regent's enormous potential and accelerate its growth globally," said Keith Barr, chief executive of IHG.
"In addition, by creating a dedicated luxury division, we will be bringing together some of the most experienced and respected people in the industry who will help drive our luxury offer, ensuring that our existing luxury brands continue to evolve and allowing us to bring in new brands such as Regent to enhance our brand portfolio."