The San Francisco-based Kimpton Group has closed its latest real estate fund Kimpton Hospitality Partners II on $246 million (€157 million).
The parent company of the boutique hotel chain, Kimpton Hotels, said the fund – their third institutional outing – would acquire more than $800 million of hospitality assets over the next three years with leverage.
In a statement, Kimpton Group said it would be targeting non-hotel properties in urban north American areas that could be converted to the Kimpton brand as well as acquiring existing hotel portfolios.
Kimpton’s second fund, Kimpton Hospitality Partners, closed in 2005 on $157 million acquiring an ownership interest in 13 properties. The group’s first fund, Kimpton Development Opportunity Fund, closed in 1997 on $122 million. It bought nine properties and has since sold all but two.
Michael Depatie, Kimpton chief executive officer, said the Kimpton brand had helped the firm particularly in the current credit conditions. “[It] shows the increasing popularity of Kimpton style hotels.”
Bill Kimpton started Kimpton hotels in 1981 by buying up off-the-beaten-path buildings in good locations, including the 70 Park Avenue Hotel in New York, the Onyx Hotel in Boston and the Sky Hotel in Aspen, Colorado. Kimpton is currently developing the Hotel Palomar in Philadelphia, which is expected to open in 2009.