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