Hotel group InterContinental has agreed to buy boutique chain InterContinental Kimpton Hotels & Restaurants. InterContinental, which owns the Holiday Inn and Crowne Plaza brands, will pay $430 million for San Francisco-based Kimpton.
The deal gives InterContinental a foothold in the higher-end, boutique hotel segment. That category is growing fast thanks to interest from Millenial consumers, who seek a more personalized and unique hospitality experience.
Kimpton runs 62 properties in 28 cities, including the Muse hotels in New York, the Palomar in Los Angeles and Hotel Monaco in San Francisco, with 16 hotels under development. Founded in 1981, the chain operates 71 restaurants, bars and lounges and is known for its trendy vibe, wine hours and pet-friendly policies. For more on the deal, visit this article from Bloomberg.