Geoffrey Kent, founder of Abercrombie & Kent
CHINA’s Zhonghong Group has agreed to purchase a majority of the equity in luxury travel agency Abercrombie & Kent (A&K) from its current owners.
One of A&K’s current owner is a company owned by an affiliate of Fortress Investment Group, whose co-chairman Wes Edens said in a statement that the partnership with Zhonghong will help open more doors for A&K.
Meanwhile, founder of A&K Geoffrey Kent will remain in the company as chairman and CEO, and will maintain a meaningful ownership interest alongside other partners and Zhonghong, which is principally engaged in the development and operation of tourism-related properties and commercial real estate.
“My time with Fortress has been amazing for A&K, especially my relationship with Wes Edens, who has been a wonderful mentor and friend,” said Kent.
“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. It will give us access to capital to finance new investments in the expanding luxury and adventure travel markets.”
Added Zhonghong chairman Yonghong Wang: “A&K is a legendary brand. The quality of their service is unrivalled, which presents many exciting growth opportunities globally. Geoffrey Kent introduced the first African luxury tented photographic safaris in 1962 and brought that same sense of adventure to destinations around the world. He will continue to lead the business as a true visionary in travel and tourism.”
A&K currently operates in more than 100 countries worldwide with 52 local offices.
