Kimpton Hotels & Restaurants says it will invest more than $450 million in the next two years to acquire and develop hotel properties across the US.
The San Francisco-based boutique company expects to double its boutique properties, according to Joe Long, vice president of acquisitions and development.
Kimpton is building on a portfolio of 39 properties in 17 cities.
Cities Kimpton is looking at include Boston, Chicago, Los Angeles, Miami, Napa Valley, Calif., New York, San Diego, Seattle and Washington, DC.
“The time is right for investment in the hotel sector,” said Kimpton Real Estate CEO Mike Depatie. He added:
“Many hotels are still underperforming due to the severity of the recent economic downturn, lack of capital or ineffective management. Most industry experts are predicting a further rebound in the hospitality sector, estimating room revenue growth to increase by more than 7% this year and more than 6% in 2006.”
Report by David Wilkening
