InterContinental Hotels Group announced that it is acquiring Kimpton Hotels & Restaurants for $430 million. The deal will be financed through existing cash resources and new debt facilities and is expected to close during the first quarter of 2015, according to IHG. In the release, IHG CEO Richard Solomons said, “Adding Kimpton to our portfolio of preferred brands creates the world’s largest boutique hotel business. We will use our scale, network of owner relationships and powerful digital platforms to accelerate Kimpton’s growth both within the U.S. and internationally.” Kimpton Real Estate Investment Funds will continue to operate as a separate business that, according to the release, will make future investments in Kimpton branded hotels. See the IHG release for more information.
IHG Acquires Kimpton for $430 Million