Four Seasons Hotels, the Toronto owner of Hong Kong-based luxury hotel group Regent International, is seeking a major investor to buy a large stake in the company.
Its aim is to expand the portfolio of 10 deluxe properties, whose flagship is The Regent in Tsim Sha Tsui.
The five-star hotel group, which paid US$150 million for Regent Hotels and Resorts four years ago, made the surprise announcement in Canada last night.
It has hired the global investment firm Goldman Sachs to help evaluate and select a suitable, highly qualified strategic joint-venture partner.
Four Seasons chairman Isadore Sharp said the 1992 merger of the two hotel companies had created a powerful and successful global enterprise. Both had excellent opportunities for continued growth, he said.
In Hong Kong, the president of the Regent group, Wolf Hengst, said that taken together the two chains were undervalued. Separately, they would be worth a lot more. He said options for the right partner were fluid. There were several possibilities for a successful partnership.
Four Seasons, where Mr Hengst has a seat on the management committee, will consider a range of propositions, although the Canadian company will retain a significant stake in Regent.