Abercrombie & Kent Set to be Sold to Beijing Developer

Abercrombie & Kent is set to change hands as the Zhonghong Group agreed to purchase a majority share of the equity interests in the company from current owners, including an investment fund within the Fortress Investment Group, which took over majority ownership of the company in 2006.

Zhonghong Group is a developer and operator of tourism-related properties and commercial real estate.

Geoffrey Kent, who founded the company as a safari outfitter in Kenya in 1962, will continue as chairman and CEO of the company. Kent also continues to hold a share of the company.

[READMORE] READ MORE: Otterson to Lead A&K President's Cruise to Japanese Islands [/READMORE]

According to a statement released by A&K, the company will retain its independence with Kent in his current leadership role. The company plans to continue its path under the new ownership.

The statement also said that A&K cannot comment on the transaction until it has been completed.

---

For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.

Topics From This Article to Explore