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Kimpton raises $202.8 million for third fund

by Andrea Waitrovich

Kimpton Group Holding, the parent company of San Francisco–based Kimpton Hotel & Restaurant Group has closed its fourth institutional real estate fund and its third fund within the Kimpton Hospitality Partners series. Kimpton Hospitality PartnersFund III (KHP III) has raised $202.8 million, according to a filing with the Securities and Exchange Commission. With leverage, the fund has buying power of $500 million.

Like its predecessors, KHP III’sstrategy is to acquire, manage, lease, develop and redevelop boutique and lifestyle hotels in select major North American markets.It will acquire existing hotels that either fit the Kimpton model, such as the recently added Hotel Wilshire in Los Angeles, a KHP II acquisition, or properties that are underutilized and where opportunities exist to reposition them as a Kimpton hotel, such as the Hotel Palomar in Washington, D.C. The fund series also invests

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