InterContinental Hotels Group (IHG), which operates Holiday Inns, Crowne Plaza and many other brands, has agreed to buy a 51 percent stake in Regent Hotels and Resorts for $39 million. The company said it would have the right to buy the remaining stake in a phased manner over the next few years. IHG executives have been saying for months that they were looking to buy one or more luxury brands that would be more upscale than InterContinental Hotels. The company said the InterContinental Hong Kong would become a Regent hotel in early 2021 following an extensive refurbishment. Regent was founded in 1970 as a luxury hotel brand by hotel industry veteran Robert Burns. It has been through multiple ownership changes since then.