Formosa acquires Regent hotel business

Carlson and The Rezidor Hotel Group have announced an agreement with Formosa International Hotels Corporation (FHIC) under which FHIC will acquire the Regent luxury hotel business.

FHIC chairman, S. Steven Pan, said: "We appreciate the wisdom of Carlson and Rezidor in choosing FIHC, who can focus on pure luxury and ensure the future success of Regent."

The Regent hotels in the EMEA region will continue to be operated by Rezidor, whilst Formosa will be replacing Carlson as the new brand owner.

The acquisition by FHIC includes the sale of the global Regent brand and all associated intellectual property, the hotel management and lease contracts for properties in operation and under development, and the Regent Seven Seas Cruises license.

Following the acquisition, Regent plans to return to gateway cities such as Hong Kong, Tokyo, Shanghai, New York, London, and Sydney, and has pipeline projects which include Abu Dhabi, Doha, Dubrovnik, Kuala Lumpur, Maldives, and Puerto Rico.

FIHC say that they will make a significant investment in order to enhance the Regent Taipei/Galleria concept and to build the new Regent leadership team with the best talent in the luxury hotel industry.

The master purchase agreement for the transaction includes customary conditions, which are expected to be fulfilled within the next month.

The Rezidor Hotel Group president and chief executive officer, Kurt Ritter, said: “After careful consideration, we came to the conclusion that Formosa provided an excellent fit to Regent’s future. They are exclusively focused on the luxury hotel segment, and are committed to growing the brand internationally.”