Grand Formosa Regent Acquires Global 'Regent' Brand

Taipei, April 20, 2010 (CENS)--Grand Formosa Regent Hotel Taipei, one of Taiwan's renowned luxury hotels, recently announced its acquisition of the global "Regent" brand for US$56 million or about NT$1.75 billion, making it the first Taiwanese hotel operator to acquire an international hotel brand.

Insiders said that Grand Formosa Regent was one of some 20 hotels in the world bidding for the Regent brand and won out eventually. The acquisition includes the global Regent brand and all associated intellectual property, hotel management and lease contracts for 17 hotel properties in operation and under development as well as the "Regent Seven Seas Cruises" license.

"After the acquisition we will set up a global headquarters in Taipei for the operation of the Regent hotels worldwide," said Steven Pan, chairman of Grand Formosa Regent Taipei. "We are planning to recruit international hotel management professionals to run the hotels globally based on the concept of offering top facilities and services to customers. Our mission is to build Regent into the most adored luxury hotel brand in the world."

Pan disclosed that he is ambitious to get Regent return in the future to gateway cities such as Hong Kong, Tokyo, Shanghai, New York, London, Paris and Sydney. Currently, there are 17 hotels with 4,000 rooms around the globe under the Regent brand.