Intercontinental Hotels buys boutique hotel operator for $430m
Intercontinental Hotels is buying independent boutique hotel operator Kimpton Hotels & Restaurants for $430m in cash.
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Kimpton manages 62 hotels in the most attractive cities and resorts in the US with a further 16 hotels in the pipeline, as well as running 71 hotel-based destination restaurants and bars.
IHG said the deal would be highly complementary with its Hotel Indigo and Even Hotels brands, creating a boutique and lifestyle hotel business with more than 200 already-open and planned hotels in 19 countries.
The group said the deal also offered significant opportunities to speed up development of Kimpton in the US and to launch it globally.
Chief executive Richard Solomons said: ""Kimpton is a well-established and highly successful business that has built an industry leading position in the US.
" We will use our scale, network of owner relationships, and powerful digital platforms to accelerate Kimpton's growth both within the US and internationally."