InterContinental Hotels Group has confirmed that the acquisition of Kimpton Hotels & Restaurants Group LLC for cash consideration of $430 million has now completed.
Boutique hospitality specialist Kimpton has also announced that Mike DeFrino has started in his new role as chief executive officer of the business. The leadership change, announced in December 2014 as part of IHG’s agreement to acquire Kimpton Hotels & Restaurants, signals the formal completion of the transaction.
DeFrino has spent more than 25 years in the hospitality industry, almost twenty of which he has spent with Kimpton. He has held a number of senior operations and management positions and most recently acted as the company’s Chief Operating Officer. Before joining Kimpton, DeFrino worked at a number of boutique and luxury hotel chains around the U.S.
“Kimpton is entering an unprecedented turning point with IHG and if I’ve learned a thing or two over the past 18 years with the company, it’s that we’ve got the cultural foundation, passion and expertise to take our unique approach to hospitality to the next level,” said DeFrino. “Together with IHG, I look forward to globally expanding our leading boutique and lifestyle brand and reaching a larger community of engaged travelers and employees.”
“I’ve worked with Mike DeFrino for more than a decade and he is exactly the leader this company needs to lead them through the next chapter of the business,” said Mike Depatie former Kimpton CEO. “His drive, energy and wicked sense of humor position him well to take the company global with IHG.”
Along with former Chief Financial Officer, Ben Rowe and former Chief Investment Officer, Joe Long, Depatie will now be responsible for managing KHP Capital Partners, L.P., the asset manager for the three KHP private equity real estate investment funds that own approximately 30 percent of Kimpton’s existing and pipeline properties.
