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IHG to Acquire Kimpton Hotels & Restaurants Group

Travel News Asia Videos Podcasts Latest Travel News Asia Tuesday, 16 December 2014
 

InterContinental Hotels Group has agreed to acquire Kimpton Hotels & Restaurants Group LLC for a cash consideration of US$430 million.

Kimpton was established in 1981, and is one of the largest independent boutique hotel and restaurant businesses in the US. It manages 62 hotels (11.3k rooms) across 28 cities in the US in urban and resort locations such as Boston, Chicago, Florida, Los Angeles, New York, San Francisco, Seattle and Washington D.C..

There are a further 16 hotels in the development pipeline (3k rooms), of which 10 are under construction. Kimpton also operates 71 hotel-based destination restaurants, bars and lounges across the US.

Richard Solomons, Chief Executive Officer of 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. Adding Kimpton to our portfolio of preferred brands creates the worlds largest boutique hotel business ... The hugely talented Kimpton team will continue to be led by Mike DeFrino, currently Kimptons COO, and I am delighted to welcome all of Kimptons associates and owners to the IHG family. The culture and values of both companies are well aligned and Kimpton will bring a wealth of expertise and specialist skills to IHG.

Adding Kimpton to IHGs portfolio of preferred brands, alongside its successful Hotel Indigo and Even Hotels brands, will create a boutique and lifestyle hotel business with over 200 open and pipeline hotels across 19 countries.

Mike Depatie, Chief Executive Officer of Kimpton Hotels & Restaurants, said, Kimpton is a unique business with a strong track record of excellence in everything from design and innovative hotel concepts to financial and operational performance. It also has enormous potential for growth, both in its home market of the US and globally. IHG is the ideal partner for Kimpton and has absolutely the right experience and specialist capabilities to help the business move to the next phase of rapid growth. Kimpton and IHG have many things in common, not least our shared values and approach to building brands. As an owner of a significant number of Kimpton hotels through our real estate investment funds, I am committed to developing additional Kimpton hotels and I look forward to seeing Kimpton go from strength to strength as part of IHG.

InterContinental, IHG, Kimpton

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