LONDON (Alliance News) - Intercontinental Hotels Group PLC on Tuesday said it has struck a deal to buy boutique hotel operator Kimpton Hotels & Restaurants for USD430 million in cash. Kimpton manages 62 hotels in the US, with a further 16 in the pipeline. It also operates 71 hotel-based restaurants and bars, IHG said. IHG said it will focus on accelerating the growth of the Kimpton brand in the US and internationally and said Kimpton's earnings before income, taxation, depreciation and amortisation is expected to double by the end of 2017. Kimpton's EBITDA for the year to the end of December 2014 is expected to be around USD20 million, with expectations for this to rise to USD39 million by the end of 2017, it said.
20 Oct '14
RE: Hotel News
That area is not great in terms of luxury hotel from a business prospect. Intercontinental london Westminister right next door (left the chain for Hilton now) was not really selling rooms aggressively @ £300-400 as the big brother hotel Park Lane does. All IMO.
15 Sep '14
Malmaison front runner to buy £10,000 a night London hotel: The Malmaison hotel group has emerged as the front runner to buy the original Scotland Yard headquarters, which is being transformed into a £10,000-a-night luxury hotel.
14 Sep '14
Claridge's news story
Society beauty in £1 billion battle for ‘3 jewels of London’: Amanda Staveley joins Middle East investors ‘to bid for hotel group’: The Queen and Prince Philip have dined there and Winston Churchill was a regular guest. But now Claridge’s – and its sister landmark hotels – are at the centre of a bitter billion-pound ownership battle involving secretive billionaires, fallen Irish entrepreneurs and a blonde former model from Yorkshire.
27 Aug '14
French hotel giant Accor checks into U.K. property as rivals check out: French hotel giant Accor has bought 13 U.K. properties for €89 million (£71 million) as it breaks ranks with the popular “asset light strategy” pursued by most of its major rivals and seeks to buy up hotels it currently leases.
17 Aug '14
Travel booking website for sale
Lastminute up for sale as U.S. owner checks out: One of the best known British businesses of the original dotcom boom is to be put up for sale.
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