It remains ‘business as usual’ throughout Abercrombie & Kent’s global network following the announcement last Friday that the Chinese Zhonghong Group would purchase a majority of the equity interests in A&K from its current owners, including a company owned by investment funds managed by an affiliate of Fortress Investment Group LLC (a US-based global investment manager).

The transaction is expected to close in the third quarter of this year.

Zhonghong is principally engaged in the development and operation of tourism-related properties and commercial real estate in China.

A&K Director, Media Relations, Pamela Lassers, told Tourism Update that A&K would retain its distinctive brand, culture and management independence under Geoffrey Kent's leadership as Chairman and CEO.

Kent started A&K as an operator of tented photographic safaris in 1962. The group now has 52 offices worldwide.  The Sanctuary Retreats portfolio of lodges and camps in East and South Africa is part of the A&K network.

Kent said the deal would bring in capital to finance new investments in the expanding luxury and adventure travel markets. “Looking forward, the relationship with Zhonghong and their experience in real estate development and tourism, position A&K to continue to innovate by offering immersive and exhilarating experiences in uncharted destinations,” he said.