KHP Capital Partners (KHP), the successor company to Kimpton Hotels & Restaurants’ fund management business, has announced that is has closed its fourth institutional real estate fund, raising US$210 million in committed equity capital since KHP’s formation last year. KHP will focus on the acquisition of existing independent and boutique hotels, renovation and repositioning opportunities, adaptive reuse and select new developments.
Led by former Kimpton senior executives Mike Depatie, Ben Rowe and Joe Long, KHP Capital Partners is the continuation of a decade old hotel real estate private equity business. This team previously led Kimpton’s private equity business while also overseeing the company’s hotel and restaurant management business, which was sold to Intercontinental Hotels Group (IHG) in January 2015.
“The opportunity to drive performance improvement has significantly broadened as existing boutique brands are maturing and major lodging companies are moving into the space with independent collections,” Depatie said. “We will continue to invest in properties we can brand as Kimptons, as well as seek out new opportunities with other boutique brands, independent operators and hotel collections now being offered by many of the big hotel brands.”
In conjunction with the sale of Kimpton to IHG in January 2015, KHP assumed responsibility for the asset management of the remaining hotels in Kimpton’s three active funds: KHP Fund I, II, and III. KHP Capital Partners currently has 19 hotels under ownership/development and total assets under management in excess of US$785 million.