Kimpton Hotel & Restaurant Group has its sights set squarely on New York City expansion, aiming to add 10 new hotels in America’s largest city within the next decade.
San Francisco-based Kimpton has about US$120 million in capital set aside for expansion, including conversion of existing boutique hotels, renovations or new construction projects, CEO Mike Depatie tells Bloomberg.
Kimpton plans to add four or five hotels around the United States annually, with New York City—specifically underserved neighborhoods like Chelsea, Tribeca and the Meatpacking District—getting the bulk of the company’s attention going forward. Another market on Kimpton’s target list is Los Angeles, where the company hopes to open properties in Santa Monica, Beverly Hills and West Hollywood.
Kimpton currently operates four hotels in New York City, one hotel in the Los Angeles region and 51 properties in total.
Depatie says that all of Kimpton may sell one or two hotels this year, but that the company’s overall financial outlook is sound.Source