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Kimpton Closes Fund with $500M in Buying Power

Kimpton Group Holding LLC has closed KHP Fund III LP, with $203 million in committed equity capital. The investment vehicle will provide a leveraged total of more than $500 million for the boutique-hotel leader to play with over the next three years.

Activities will include the purchasing of non-hotel properties to be transformed into Kimpton-brand destinations, as well as the acquisition of existing hotels that would allow for an easy adaptation of the Kimpton model. And construction is on the table as well. KHP Fund III will also engage in the development of new properties.Converting, buying, building–KHP Fund III is well-positioned to do it all. “The discretionary nature of our fund provides us a distinct advantage in acquiring properties because we are able to offer sellers and developers a quick and certain close, something that few others can match,” Kimpton CEO Mike Depatie said in a statement.KHP Fund III has already made its first acquisition, the 145-room Mulberry Inn in Savannah, Ga. According to Chatham County property records, the price tag on the transaction was $21 million.“We continue to look for opportunities to expand in existing markets like Boston, New York City and L.A.,” Joseph Long, Executive VP for Development at Kimpton added. “Expanding in our existing markets helps us to increase efficiencies, as well as gain greater awareness of the Kimpton brand. Kimpton’s portfolio has ballooned by seven properties since January 2012.

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