SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that locally based Kimpton Group Holding LLC, the parent company of Kimpton Hotel & Restaurant Group LLC, has closed its fourth institutional real estate fund and its third fund within the Kimpton Hospitality Partners series. KHP Fund III LP has $203 million in committed equity capital with the goal of acquiring more than $500 million worth of hotels over the next three years.
“Raising capital for real estate investment has been more challenging than ever over the past few years, which is why we are especially proud to announce the close of this new fund,” explains Kimpton CEO Mike Depatie. “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's first institutional fund, the $122-million Kimpton Development Opportunity Fund was established in 1997 and acquired/developed nine properties. Similar to KDOF, the three subsequent KHP Funds—the first of which closed in 2005—have been raised to acquire, develop and redevelop boutique/lifestyle hotel properties in select major metropolitan cities and resort areas across North America, according to a prepared statement.
In addition to its fund acquisitions, Kimpton provides management services to owners of boutique hotels throughout North America, with approximately three-quarters of its portfolio third-party owned.
Check back later today for more on the fund and its specific strategy for new investments.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
