Chinese real estate developer Zhonghong Group has agreed to purchase a majority of luxury tour operator Abercrombie & Kent, including the portion owned by Fortress Investment Group funds.

Founder Geoffrey Kent will remain as chairman and CEO and will retain his ownership stake.

“Looking forward, the relationship with Zhonghong and its experience in real estate development and tourism positions A&K to continue to innovate by offering immersive and exhilarating experiences in uncharted destinations,” said Kent. “It will give us access to capital to finance new investments in the expanding luxury and adventure travel markets.”

The deal is expected to be completed during the third quarter of 2016.

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