LONDON—InterContinental Hotels Group PLC has agreed to acquire Kimpton Hotels & Restaurants Group LLC for $430 million in cash.
Kimpton is a fully asset-light business that manages 62 hotels and resorts in the U.S., with a further 16 hotels in the pipeline. It operates 71 hotel-based destination restaurants and bars.
Richard Solomons, CEO, IHG, noted, “Kimpton is a well-established and highly successful business that has built an industry leading position in the U.S. 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 world’s largest boutique hotel business.”
Mike Depatie, CEO of Kimpton Hotels & Restaurants, commented, “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 U.S. 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.”