Formosa International Hotels (FIH) announces strategic alliance with InterContinental Hotels Group (IHG)
Formosa International Hotels Corporation (FIH) today announces that it has formalised a joint venture agreement with InterContinental Hotels Group (IHG) to accelerate the international expansion of Regent Hotels & Resorts (Regent). |
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Formosa International Hotels (FIH) announces strategic alliance with InterContinental Hotels Group (IHG)
Formosa International Hotels Corporation (FIH) today announces that it has formalised a joint venture agreement with InterContinental Hotels Group (IHG) to accelerate the international expansion of Regent Hotels & Resorts (Regent). |
Category: Worldwide - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2018-03-16
Under this agreement, IHG will take a controlling stake in Regent. All current Regent properties will join IHG’s global online reservation system and loyalty program, accelerating the growth of both sales and profits. Also, IHG will have the rights to develop and manage all existing and new Regent hotels outside of Taiwan whilst FIH shall retain exclusive rights to develop and manage future developments under the Regent brand in Taiwan, including the management of the Regent Taipei Hotel.
Synonymous with timeless modernity, understated luxury and intuitive service, the Regent brand has set the benchmark for luxury hotels globally since it was founded in 1970 by legendary hotelier Robert H. Burns. It has a world-renowned heritage, built around the elegant, timeless design of its hotels and rooted in its focus on delivering a truly unique and superior luxury experience for guests. FIH and IHG both see the growing potential of the luxury hotel market and the opportunity to collaborate to take the Regent brand legacy to greater heights.
As part of the alliance with IHG would be the re-branding of the InterContinental Hotel Hong Kong to Regent Hong Kong, an iconic Regent Hotel that established the brand as new luxury in 1980s, upon the completion of an extensive refurbishment in 2021. The return of Regent Hong Kong will create a new iconic flagship and showcase for global expansion like it once did.
Steven Pan, Executive Chairman of FIH said “ Regent is an iconic global luxury brand with a longstanding history in delivering a flawless luxury experience for guests. The joint venture with IHG, one of the largest and most respectable hotel management companies, will propel the Regent brand to worldwide reach on a well-established global platform. The alliance will enable us to streamline our growth of the Regent brand into a much more profitable business, while we can focus on the growth and consolidation of our Taiwan domestic hotel and hospitality businesses, including the Regent Taipei and the Regent brand expansion in Taiwan. IHG shares and can deliver on our ambitious vision for the brand. This alliance not only creates a win-win solution for IHG and FIH, but also for our partners, associates, loyal customers and all stakeholders.”
Keith Barr, Chief Executive Officer of IHG, commented: “IHG is already one of the world leaders in luxury with our InterContinental Hotels and Resorts brand, but we see significant potential to further develop our global footprint in the fast-growing luxury segment. As one of the pioneers in defining luxury hotels both in Asia and around the world, Regent is an excellent addition to IHG’s portfolio of brands. We see a real opportunity to unlock Regent’s enormous potential and accelerate its growth globally.”About Regent Hotels & Resorts Regent is a global luxury hospitality brand encompassing hotels, resorts and residences. It was founded in the 1970s by legendary hotelier Robert H. Burns, later joined by Adrian Zecha and Georg Rafael. In the ‘80s and ‘90s, Regent is the first hotel brand to introduce the 5-fixture bathroom, the all-villa resort, and the mixed-used hotel development. It is a truly Asia-based global hospitality group to successfully challenge the industry’s European and US dominance, both with the opening of the flagship Regent Hong Kong and the iconic Regent Beverly Wilshire. As an international leading hotel brand, Regent has been constantly receiving award recognitions around the world. The existing Regents are located in Beijing, Berlin, Chongqing, Porto Montenegro, Taipei and Singapore with new hotels opening in Harbin, Jakarta and Phu Quoc.
For more information, please visit www.regenthotels.comAbout FIHFIH (Formosa International Hotels Corporation), Asia’s leading luxury hospitality management group, encompasses 18 hotels, resorts and residences in 6 countries across the Regent, Silks Place, Wellspring by Silks and Just Sleep Hotel & Resort brands; the group also runs 8 standalone award-winning restaurants.
The Regent experience combines Eastern simplicity and Western elegance melded with gracious and intuitive service, luxurious amenities and traditional hospitality.
Regent Hotels & Resorts currently operates in select locations around the world including Beijing, Berlin, Chongqing, Montenegro, Singapore and Taipei. Silks Hotels & Resorts operates 5 hotels across Taiwan. Just Sleep Hotels has 7 hotels in TaiwanAbout IHGIHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, Hotel Indigo , EVEN Hotels, HUALUXE Hotels and Resorts, Crowne Plaza Hotels & Resorts, Holiday Inn , Holiday Inn Express , Holiday Inn Club Vacations , Holiday Inn Resort, avid hotels, Staybridge Suites and Candlewood Suites.
IHG franchises, leases, manages or owns more than 5,300 hotels and nearly 800,000 guest rooms in almost 100 countries, with nearly 1,700 hotels in its development pipeline. IHG also manages IHG Rewards Club, our global loyalty programme, which has more than 100 million enrolled members.
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales. More than 375,000 people work across IHG’s hotels and corporate offices globally.
Visit www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. Follow us on social media at: www.twitter.com/ihg, www.facebook.com/ihg and www.youtube.com/ihgplc.
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