Intercontinental Hotels Group, the largest hotel chain in the world based on room numbers, has agreed to acquire Kimpton Hotels and Restaurants.
Palm Springs leaders say it’ll be good for the Kimpton Hotel being built in the downtown area as part of a major re-development project on the site of the old Desert Fashion Plaza.
IHG, based in the U.K., will pay $430 million dollars in cash for Kimpton, a boutique hotel operator in the U.S..
Michael Braun of Wessman Development called it a “win, win” for Palm Springs saying IHG will help with international marketing in countries like China.
Palm Springs Mayor Steve Pougnet also issued a statement saying, “The Kimpton will be transformed into an international brand that will fit in perfectly with our city’s ultra-cool vibe.”