Abercrombie and Kent acquired by Chinese developer
Friday, 25 Jul, 2016
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Luxury adventure travel operator Abercrombie & Kent is being acquired by Chinese real estate firm Zhonghong Group for an undisclosed price.
A deal is expected to close during the third quarter of 2016 for a majority stake in A&K, including the stake owned by hedge fund Fortress Investment Group.
Founder Geoffrey Kent will continue to helm the business as chairman and retains his ownership stake.
Kent will ‘continue to lead the business as a true visionary in travel and tourism,’ Zhonghong Group Chairman Yonghong Wang said.
"Looking forward, the relationship with Zhonghong and their experience in real estate development and tourism positions A&K to continue to innovate by offering immersive and exhilarating experiences in uncharted destinations," Kent added.
Zhonghong is principally engaged in the development and operation of tourism-related properties and commercial real estate.
Zhonghong is a major developer in commercial real estate and tourism related properties.
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