Regal Hotels International Holdings is planning a global expansion of its hotel business following its $2 billion deal at Chek Lap Kok airport. 'We plan to strengthen further the Regal Hotel network by acquiring more hotels in the United States and China,' chairman Lo Yuk-sui said. He said the company was negotiating the purchase of several US hotels and is planning to step up operations in China. Details of the acquisition plans would be announced shortly, he said. The proposed expansion came after the company signed the agreement with the Airport Authority to develop and operate the new Regal Airport Hotel at Chek Lap Kok. 'It will be our fifth Regal hotel in Hong Kong when it is completed in 1998,' Mr Lo said. With a gross floor area of about 775,000 sq ft, the hotel will have 1,200 rooms, making it the largest in the territory. In the first phase, about 600 rooms will be completed by April 1998. Mr Lo is optimistic about the prospects for the hotel industry in view of the large number of visitors coming to Hong Kong. He said his company would borrow more than $1 billion from banks to finance the Chek Lap Kok project. The rest would come from internal resources. Mr Lo, who is also chairman of Paliburg Holdings, said the property company would spend $30 million to build a commercial-residential development on the Tai Po site the company bought for $70 million at the government auction on Monday.