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Tue 16th Dec 2014 - IHG buys US boutique hotel and restaurants business
IHG buys US boutique hotel and restaurants business: InterContinental hotels Group (IHG) has agreed to acquire Kimpton Hotels & Restaurants for $430 million in cash. Kimpton is the world’s ‘largest independent boutique hotel operator and a sophisticated food and beverage operator’. It is a fully asset-light business that manages 62 hotels in the most attractive cities and resorts in the US with a further 16 hotels in the pipeline. It operates 71 hotel-based destination restaurants and bars. The acquisition makes IHG ‘the clear market leader in the boutique segment, the fastest growing segment in the industry’. The deal is described as highly complementary with IHG’s Hotel Indigo and EVEN Hotels brands, creating a ‘leading boutique and lifestyle hotel business’, with over 200 open and pipeline hotels across 19 countries. There are significant opportunities identified for IHG to accelerate the growth of the Kimpton brand within the US and to launch it globally. Richard Solomons, chief executive 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 world’s largest boutique hotel business. The acquisition is another step in IHG’s well-established asset-light strategy of investing in high-quality growth, building on a strong track record of developing iconic global brands. We will use our scale, network of owner relationships, and powerful digital platforms to accelerate Kimpton’s growth both within the US and internationally. The hugely talented Kimpton team will continue to be led by Mike DeFrino, currently Kimpton’s chief operating officer, and I am delighted to welcome all of Kimpton’s 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.” Mike Depatie, chief executive of Kimpton Hotels & Restaurants, added: “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.” IHG is a global organisation with a broad portfolio of nine hotel brands, including InterContinental Hotels & Resorts, Hotel Indigo, Crowne Plaza Hotels & Resorts, Holiday Inn Hotels & Resorts, and Holiday Inn Express. IHG manages IHG Rewards Club, the world’s first and largest hotel loyalty programme with over 82 million members worldwide. The programme was relaunched in July 2013, offering enhanced benefits for members including free internet across all hotels, globally. IHG franchises, leases, manages or owns over 4,700 hotels and 697,000 guest rooms in nearly 100 countries, with almost 1,200 hotels in its development pipeline.


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