InterContinent Hotels Group has spent $430 million in cash to repurchase Kimpton Hotels and Restaurants to add 62 hotels with the boutique style in 28 U.S cities and resort areas in order to create a series of investment for the boutique and lifestyle hotel.
The acquisition gives the company cache in the industry’s hottest growing sector. Kimpton has been in the boutique business before it even became defined as a “thing” since founding the company in San Francisco in 1981. And it also is the world’s largest independent boutique hotel operator.
IHG officials said the move will double the company’s EBITDA (earnings before interest, taxes and amortization) from $20 million to $39 million by the end of 2017.
Having more for chains in the U.S., with midscale brands like Holiday Inn and Holiday Inn Express and Candlewood Suites, and luxury-leaning brands InterContinental Hotels and Resorts and Crowne Plaza under its umbrella, IHG is very famous.
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