IHG to Acquire Kimpton Hotels & Restaurants
InterContinental Hotels Group announced late Monday it will acquire Kimpton Hotels & Restaurants for $430 million in cash.
The San Francisco-based hospitality company is the world’s largest operator of boutique hotels. It currently manages 62 in the United States across 28 cities and has 16 new hotels planned. It also operates 71 bars and restaurants in hotels.
The Kimpton name will become part of the IHG portfolio alongside Hotel Indigo and Even Hotels, and will result in a boutique and lifestyle hotel business that will have roughly 200 in 19 countries.
IHG said that the Kimpton team will continue to be led by its current COO, Mike DeFrino, and that all employees will move over to IHG. The deal is slated to close in the first quarter of 2015 and IHG did not indicate that any regulatory approval would be required.
Kimpton was founded in 1981 and is considered to have been one of the first hotel operators in the boutique segment of hospitality. IHG owns, manages, franchises, or leases over 4,700 hotels. Its brand portfolio includes InterContinental, Holiday Inn, and Crowne Plaza.
(Photo: Accura Media Group)