FIHC to focus on Asia with Regent brand
29 April 2010
Steven Pan, chairman of Formosa International Hotels Corporation (FIHC), has said the firm’s recent acquisition of the Regent brand will see the return of the brand to Asia.
FIHC announced earlier this month it had acquired the Regent luxury hotel business from previous owners Carlson Hotels and Rezidor Hotel Group for an estimated US$56 million.
“Expansion in Asia will be critical. Being a greater China company as we are, the emphasis is getting back to China. Shanghai is very important. India is also a very important market for us,” Steven Pan, chairman of FIHC, told Hotel News Now .
In a statement announcing the acquisition, FIHC said its objective is to make Regent into the most admired luxury hotel brand in the world.
The company said it was seeking the best talent in the luxury hotel industry to build the new Regent leadership team and that it planned to make ‘significant investment’ to enhance the Regent Taipei/Galleria concept.
"We appreciate the wisdom of Carlson and Rezidor in choosing FIHC, who can focus on pure luxury and ensure the future success of Regent. Our mission is to build Regent into the most admired luxury hotel brand in the world that exceeds even the high expectations of Regent owners and guests," stated Pan.
FIHC said it plans to take the Regent brand to gateway cities such as Hong Kong, Tokyo, Shanghai, New York, Beverly Hills, London, Paris, and Sydney. Pipeline hotels include projects in Abu Dhabi, Bali, Bangkok, Doha, Dubrovnik, Gurgaon, Kuala Lumpur, Maldives, Phuket, and Puerto Rico, according to the statement.
FIHC is the largest hotel group in Taiwan, with a value of around US$900 million. Its flagship hotel is the Grand Formosa Regent Taipei which has 538 rooms and 5,000 square metres of banqueting space. The group also operates the Silks hotel and various restaurant brands in China.
Hubert Joly, president and CEO of Carlson, said the disposal of the Regent brand would enable it to focus its resources on growing its core brands, especially Radisson, Country Inns & Suites, and Park Inn, as outlined in its Ambition 2015 strategy.
