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IHG buys boutique hotel firm
InterContinental Hotels Group has agreed to buy US boutique hotel brand Kimpton Hotels and Restaurants.
IHG, headquartered in the UK, will pay $430 million in cash for the hotel operator.
CEO Richard Solomons said his company wanted a stake in what he believes to be the fastest-growing segment of the hotel industry.
IHG, which is parent company to Holiday Inn and Crowne Plaza, said Kimpton would complement its Hotel Indigo and EVEN hotel brands.
It believes there is an opportunity to grow the brand within the US and globally.
Solomons said: "We will use our scale, network of owner relationships, and powerful digital platforms to accelerate Kimpton’s growth both within the US and internationally.
"The hugely talented Kimpton team will continue to be led by Mike DeFrino, currently Kimpton’s COO, and I am delighted to welcome all of Kimpton’s associates and owners to the IHG family."
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