InterContinental Hotels Group announced on Tuesday it will pay $430 million to acquire Kimpton Hotels & Restaurants, a boutique chain that recently opened The Brice in downtown Savannah.
The all-cash deal will include all 62 of Kimpton’s hotels in the United States as well as 16 more in development. More importantly, it will give the U.K.-based IHG a significant leg up in the lifestyle segment of the market with stylish, trendy hotels aimed at younger travelers.
In May, Kimpton opened The Brice at 601 E. Bay St., the former Mulberry Inn, after a yearlong multi-million dollar renovation. The hotel also houses Pacci Italian Kitchen & Bar, led by local chef Roberto Leoci.
The acquisition includes all of Kimpton’s 71 hotel-based restaurants and bars. IHG owns, manages or leases more than 4,700 hotels in nearly 100 countries with brands such as Crowne Plaza, Holiday Inn, Candlewood Suites and Staybridge Suites.
In a press release, IHG CEO Richard Solomons said adding Kimpton to its portfolio will create the world’s largest boutique hotel business.
“(Kimpton) 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,” said Solomons.
The deal is expected to close during the first quarter of 2015.