Chinese investment in A&K brings in capital for expansion
It remains ‘business as usual’ throughout Abercrombie & Kent’s global network following the announcement last Friday that the Chinese Zhonghong Group would purchase a majority of the equity interests in A&K from its current owners, including a company owned by investment funds managed by an affiliate of Fortress Investment Group LLC (a US-based global investment manager).
The transaction is expected to close in the third quarter of this year.
Zhonghong is principally engaged in the development and operation of tourism-related properties and commercial real estate in China.
A&K Director, Media Relations, Pamela Lassers, told Tourism Update that A&K would retain its distinctive brand, culture and management independence under Geoffrey Kent’s leadership as Chairman and CEO.
