IHG acquires boutique operator Kimpton Hotels
InterContinental Hotels Group has reached a deal to acquire boutique hotel operator Kimpton Hotels & Restaurants for $430 million.
Kimpon has an asset-light business model, managing 62 hotels and 71 restaurants and bars.
It has a further 16 hotels in the pipeline.
Kimpton was founded in 1981, and claims to be the largest independent boutique hotel and restaurant business in the US.
Along with its own Hotel Indigo and EVEN Hotel brands, it gives IHG a major presence in the boutique/lifestyle market, with over 200 properties in this segment open or under development, IHG said.
"Kimpton is a well-established and highly successful business that has built an industry leading position in the US. It has created a portfolio of world-class hotels and destination restaurants, and the distinctive and innovative Kimpton brand will fit perfectly into the IHG brand family," IHG CEO Richard Solomons said in a statement.
Kimpton’s COO Mike DeFrino will continue in his post and the acquisition is expected to close in March 2015.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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