InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announced that it has agreed to acquire a 51% stake in Regent Hotels and Resorts for $39 million in cash. IHG will have the right to acquire the remaining 49% interest in a phased manner from 2026.
Hotel transactions in the U.S. top 25 markets accounted for just 37% of sales in 2017, down from 52% of all sales in 2016.
The 14-story hotel, which will operate under Curio Collection by Hilton in an agreement unveiled at MIPIM, includes a 22.5 million investment led by Yvon Gérard and a consortium of investors.
Moxy Hotels expects to welcome two New York City hotels, Moxy Downtown and Moxy Chelsea, to its roster this year, bringing the brand to a total of three properties in the city by the end of 2018.