Kimpton Hotel & Restaurant Group, San Francisco, revealed last week that it will raise a US$200 million acquisition fund this fall to buy hotel properties.
The new fund, Kimpton’s fourth, will operate concurrently with its third equity fund, the US$246 million Kimpton Hospitality Partners II, raised in April 2008. That fund has about US$70 million left after purchasing properties such as Hotel Monaco Baltimore, the Sè Hotel in San Diego and the Hotel Palomar Chicago.
“We think this is a great time to be buying hotels,” Kimpton CEO Mike Depatie told the San Francisco Business Times.
Kimpton Hotel & Restaurant Group operates lifestyle hotels and high-end restaurants around the U.S.