InterContinental Hotels Group acquired a majority stake in Regent Hotels & Resorts, paying $39 million in cash for a 51% stake in the six-asset brand, reports HNN’s Terence Baker. IHG will make its payments in three tranches with the last due in 2024. It has the option of purchasing the remaining shares through a “phased manner from 2026.”

Regent Hotels & Resorts will fit in the “upper luxury segment” above the InterContinental brand, an IHG spokesperson said in a statement.

“The Regent brand has tremendous heritage and will help us to capitalize on the clear growth opportunity we’ve identified in the luxury market,” the statement said.