U.K.-based InterContinental Hotels Group PLC closed its purchase of a 51% interest in Regent Hotels & Resorts for $39 million in cash.

InterContinental Hotels said the second of the three $13 million payment tranches is due in 2021, while the last tranche is due in 2024.

Under the terms of a deal signed in March, Intercontinental will have the right to acquire the remaining 49% interest in the luxury hospitality company in phases from 2026.