Kimpton Hotels & Restaurants is being taken over by InterContinental Hotels Group for $430 million.

Kimpton, established in 1981, claims to be the world’s largest independent boutique hotel operator, managing 62 properties across 28 US cities with a further 16 in the pipeline.

IHG said it had identified “significant opportunities” to accelerate the growth of the Kimpton brand within the US and to launch it globally.

IHG chief executive Richard Solomons said: “Kimpton is a well-established and highly successful business that has built an industry leading position in the US.

“It has created a portfolio of world-class hotels and destination restaurants, and the distinctive and innovative Kimpton brand will fit perfectly into the IHG brand family.  Adding Kimpton to our portfolio of preferred brands creates the world’s largest boutique hotel business.

“The acquisition is another step in IHG’s well-established asset-light strategy of investing in high-quality growth, building on a strong track record of developing iconic global brands.

“We will use our scale, network of owner relationships, and powerful digital platforms to accelerate Kimpton’s growth both within the US and internationally.

“The culture and values of both companies are well aligned and Kimpton will bring a wealth of expertise and specialist skills to IHG.”

Kimpton chief executive Mike Depatie added: “Kimpton is a unique business with a strong track record of excellence in everything from design and innovative hotel concepts to financial and operational performance.

“It also has enormous potential for growth, both in its home market of the US and globally.

“IHG is the ideal partner for Kimpton and has absolutely the right experience and specialist capabilities to help the business move to the next phase of rapid growth.

“Kimpton and IHG have many things in common, not least our shared values and approach to building brands.  As an owner of a significant number of Kimpton hotels through our real estate investment funds, I am committed to developing additional Kimpton hotels and I look forward to seeing Kimpton go from strength to strength as part of IHG.”