IHG executives detail relaunch of luxury Regent brand
According to Tom Rowntree, VP of global luxury brands for IHG, three things driving the luxury segment’s growth are the continued growth of traditional luxury markets, the surge in the number of Chinese tourists and the rise of millennials.
Seven months after acquiring a 51% stake in Regent Hotels & Resorts from Formosa International Hotels Corporation, InterContinental Hotels Group executives on Thursday unveiled the first look at the brand’s relaunch, in conjunction with the Hotel Investment Conference Asia Pacific.
Speaking during a press briefing at the iconic InterContinental Hong Kong, which will convert to the Regent flag in the near future, the executives said the luxury brand will sit at the apex of IHG’s brand family.
A rate premium in the range of 30% to 40% above a typical InterContinental Hotel is anticipated for Regent, according to Jolyon Bulley, CEO of Greater China for IHG.
“They’re going to need that for the return on investment and the economics of it,” he said. “It’s a significant capital investment that will go into delivering the brand.”
IHG will manage all Regent properties, rather than franchising with third-party management companies, Bulley said.
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