British hotelier InterContinental Hotels Group (IHG) has completed its acquisition of boutique hotelier Kimpton Hotels & Restaurants for $430 million in cash, it announced last week.
First reported in December, the transaction makes IHG -- owner of two boutique hotel brands, Hotel Indigo and EVEN Hotels -- the world's largest boutique hotel business.
"Kimpton is a well-established and highly successful business that has built an industry leading position in the U.S. 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," IHG CEO Richard Solomons said upon announcing the acquisition last month. "We will use our scale, network of owner relationships, and powerful digital platforms to accelerate Kimpton's growth both within the U.S. and internationally."
Kimpton was established in 1981 and is the largest independent boutique hotel and restaurant business in the United States. It has 62 hotels and 71 hotel-based restaurants and bars, all of which are now owned and operated by IHG.