first_imgTransaction overview:IHG is to acquire a 51% interest in a joint venture with Formosa International Hotels Corporation to acquire the Regent Hotels & Resorts brand and associated management contracts.The 51% interest will be acquired for $39 million in cash, paid in three tranches of $13 million, the first upon the date of completion, the second in 2021 and the third in 2024. These amounts will be funded within IHG’s existing capital expenditure guidance of up to $350 million gross, and $150 million net, per annum into the medium term.IHG has the option to acquire the remaining 49% stake in a phased manner from 2026. This will be via a combination of put and call options, is capped, and is based on a trailing 12-month multiple of joint venture income, which based on current projections would result in a payment of less than $100 million.There are currently six hotels in the Regent system. The annual fee income of those management contracts acquired by IHG will be offset by costs associated with the JV.There are currently three hotels in the Regent pipeline.IHG expects to grow the brand to more than 10,000 rooms (40 hotels) over the long term.The transaction is expected to close during the second quarter of 2018 upon satisfaction of certain customary conditions.Go back to the e-newsletter Go back to the e-newsletterInterContinental Hotels Group has 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.IHG will bring Regent into its brand portfolio at the top end of the luxury segment and will accelerate its growth globally, supported by IHG’s powerful enterprise. IHG’s intention is to grow the brand from six hotels today to over 40 hotels in key global gateway city and resort locations over the long term.The Regent brand has set the benchmark for luxury hotels globally since it was founded in 1970. 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.IHG is already a global leader in this segment with the world’s largest luxury brand, InterContinental Hotels & Resorts. The acquisition of Regent is part of one of IHG’s new strategic initiatives focused on continuing to expand its footprint in the fast-growing $60 billion luxury segment. This initiative is supported by the creation of a new dedicated division to further enhance capabilities in this area and will be funded by IHG’s efficiency program, as outlined in the Full Year Results on 20 February.IHG also announced that following an extensive refurbishment due to commence in early 2020, InterContinental Hong Kong will become a Regent Hotel in early 2021. The hotel originally opened its doors in 1980 as one of the most iconic hotels to ever carry the Regent brand.Keith Barr, CEO 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.  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.”last_img read more

first_img100F forecast from Florida to South CarolinaTwo dead and 29 injured in Oklahoma tornado As the crisis escalates… Shares107107 Read more Share on Facebook Agencies … in our natural world, we refuse to turn away from the climate catastrophe and species extinction. For The Guardian, reporting on the environment is a priority. We give reporting on climate, nature and pollution the prominence it deserves, stories which often go unreported by others in the media. At this pivotal time for our species and our planet, we are determined to inform readers about threats, consequences and solutions based on scientific facts, not political prejudice or business interests.More people are reading and supporting The Guardian’s independent, investigative journalism than ever before. And unlike many news organisations, we have chosen an approach that allows us to keep our journalism accessible to all, regardless of where they live or what they can afford. 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Memorial Day: sweltering heat and storms follow tornadoes and floods Support The Guardian Twitter Share on Pinterest This article is more than 1 month old Wrecked cars litter the parking lot of the American Best Value Inn in El Reno, Oklahoma.Photograph: Stringer/Reuters Sweltering heat, storms and possible twisters were expected to hit the southern plains and south-eastern states on Memorial Day, on the heels of deadly tornadoes and flooding. Share via Email Natural disasters and extreme weather South Carolina Share on Facebook Mon 27 May 2019 10.09 EDT Share on Twitter Flooding Georgiacenter_img Share on Twitter US weather Share on WhatsApp Across the river, the tiny town of Moffett, Oklahoma, population about 120, was submerged by Saturday afternoon, Sequoyah county emergency management director Steve Rutherford told the Times Record in Fort Smith.On Sunday afternoon, a national guard helicopter was sent to rescue two Army Corps of Engineers workers who had become trapped in a building as the Arkansas river rose, said Arkansas Department of Emergency Management spokeswoman Melody Daniel.“The river had risen and spread to a point where the lock and dam building itself was no longer accessible by boat or road,” said Daniel, who took video of the rescue at the Trimble Lock and Dam. She said there were also several road closures.The water flowing into the Arkansas river has come from rains in south-east Kansas and north-eastern Oklahoma, said NWS meteorologist Willie Gilmore.“All that water funneled down into the tributaries that go into the Arkansas river,” Gilmore said.In Tulsa, authorities advised residents of some neighbourhoods to consider leaving for higher ground because the river is stressing the city’s old levee system. First published on Mon 27 May 2019 07.45 EDT Tornadoes Share on Messenger This article is more than 1 month old news Pinterest US weather Share via Email Facebook Are hurricanes getting stronger – and is climate breakdown to blame? The River Spirit Hotel and Casino has flood waters surrounding it in Tulsa, Oklahoma. Photograph: Tom Gilbert/AP Share on LinkedIn Reuse this content Temperatures around 100F (38C) were forecast from Jacksonville, Florida, up the south-east into Macon and Savannah in Georgia and on to Charleston, South Carolina, the National Weather Service (NWS) said.“This is super hot for this time of year,” said John Deese, a NWS forecaster in Peachtree, Georgia, near Atlanta. “This is a heat wave across the south, and it’s going to be here for a while.”Deese predicted high temperatures through the week, staying in the mid to high 90s.The risk of strong tornadoes is moderate but they remain possible through the week for south-eastern plains states hit by lethal twisters last week, forecasters said.A severe tornado killed two people in El Reno, Oklahoma late on Saturday, injured at least 29 people and left hundreds homeless, officials said. Rescue workers searched for survivors in the rubble of the small community near Oklahoma City.The NWS said a second tornado touched down in the Tulsa area early on Sunday, damaging structures, uprooting trees and toppling power lines.Pete Snyder with the NWS said officials had confirmed that a tornado caused damage in the Tulsa suburb of Sapulpa and surrounding areas. Snyder said the area also experienced damage from straight-line winds that officials say exceeded 80mph.The tornado was spawned by a powerful storm system that rolled through the state. Four more people were killed in the storm in Oklahoma, CNN reported.At least seven people were killed by storms last week.States including Nebraska, Oklahoma and Kansas, as well as parts of Ohio, will remain under flood watches and warnings through the week as rains, wind, hail and possible twisters are in the forecast, said David Roth of the NWS Weather Prediction Center in College Park, Maryland.Parts of Arkansas, meanwhile, are preparing for what meteorologists predicted will be the worst flooding in recorded history along parts of the Arkansas river over the coming week.The NWS said in the statement that levee “over topping” is likely with “significant impacts to life and property across a very large area”.The Arkansas river reached 38.2ft on Sunday near Fort Smith, surpassing the historic crest of 38.1ft in April 1945.Spokeswoman Karen Santos said the city of 80,000 residents on the border with Oklahoma was in “preparedness and warning mode”. She said one home was completely submerged and about 500 homes either had water very close or in them. Authorities predicted hundreds more homes and businesses would flood by the time the river crests there Tuesday at 42.5ft. Topics Floridalast_img read more