InterContinental Hotels Group (IHG) has agreed to acquire US-based independent boutique hotel operator Kimpton Hotels & Restaurants for $430m in cash.
Founded in 1981, Kimpton is said to be the largest independent boutique hotel and restaurant business in the US, managing 62 hotels across 28 cities.
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Its properties are located in urban and resort locations such as Boston, Chicago, Florida, Los Angeles, New York, San Francisco, Seattle and Washington DC.
The group is currently developing 16 hotels, with ten under construction, as well as operating 71 hotel-based destination restaurants, bars and lounges across the US.
IHG CEO Richard Solomons said: "Kimpton is a well-established and highly successful business that has built an industry leading position in the US.
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"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."
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By GlobalDataAccording to IHG, adding Kimpton to its portfolio of preferred brands, alongside its Hotel Indigo and EVEN Hotels brands, will have more than 200 open and pipeline hotels across 19 countries.
Subject to satisfaction of certain customary conditions, including Hart-Scott-Rodino anti-trust clearance and Kimpton shareholder consent, the transaction is expected to be complete in the first quarter of 2015.
IHG’s portfolio of hotels includes InterContinental Hotels & Resorts, Hotel Indigo, Crowne Plaza Hotels & Resorts, Holiday Inn Hotels & Resorts, Holiday Inn Express, Staybridge Suites, Candlewood Suites, EVEN Hotels and HUALUXE Hotels and Resorts.
Image: Kimpton Hotels luxurious lobby living room and bar. Photo courtsey of IHG.
