InterContinental Hotels Group (IHG) announced Wednesday that it has agreed to acquire a 51 percent stake in Regent Hotels and Resorts for $39 million in cash to further expand its luxury hospitality business globally.

IHG will have the right to acquire the remaining 49 percent interest in a phased manner from 2026.

IHG will bring Regent into its brand portfolio at the top end of the luxury segment and will accelerate its growth globally, according to IHG. IHG's intention is to grow the brand from six hotels today to over 40 hotels in key global gateway cities and resort locations over the long term.

IHG is a global leader in the luxury segment with the world's largest luxury brand, InterContinental Hotels & Resorts. The acquisition of Regent is part of one of IHG's new strategic initiatives focused on continuing to expand its footprint in the fast-growing $60 billion luxury segment.

Keith Barr, chief executive officer of IHG, commented: "IHG is already one of the world leaders in luxury with our InterContinental Hotels & Resorts brand, but we see significant potential to further develop our global footprint in the fast-growing luxury segment."

IHG's 2017 financial report has showed its group revenue has achieved $1.784 billion, up 4 percent over that of 2016.