Deals
InterContinental Hotels to Buy Kimpton for $430 Million
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InterContinental Hotels Group Plc, owner of the Holiday Inn and Crowne Plaza brands, agreed to buy Kimpton Hotels & Restaurants for $430 million, gaining a boutique chain with high-end properties in cities across the U.S.
Kimpton, established in 1981, is the largest independent boutique hotel operator and restaurant company in the U.S., with 62 properties in 28 cities, InterContinental said today in a statement. The San Francisco-based chain also has 16 hotels under development and operates 71 restaurants, bars and lounges.