IHG to Acquire Kimpton Hotels & Restaurants
InterContinental Hotels Group PLC has agreed to buy Kimpton Hotels & Restaurants for $430 million in cash.
The Wall Street Journal reported earlier Monday that San Francisco-based Kimpton had reached out to potential buyers in recent weeks, citing people familiar with the matter.
Kimpton was founded in 1981 as one of the first hotel operators in the boutique, or lifestyle, segment, which is known for stylish design and a thriving restaurant and bar scene to attract travelers tired of cookie-cutter designs.
IHG said Kimpton’s Ebitda is expected to be about $20 million for 2014, and predicts IHG will be able to increase this to about $39 million by 2017.