IHG agrees $430 mln acquisition of boutique Kimpton Hotels

LONDON, Dec 16 (Reuters) - InterContinental Hotels Group , one of the world's largest hoteliers, said it had agreed to acquire U.S.-focused Kimpton Hotels & Restaurants for $430 million to boost its exposure to the boutique hotel space.

IHG, home to the Crowne Plaza, Holiday Inn and InterContinenal brands, said on Tuesday that the cash acquisition would be earnings enhancing in its first full-year, with Kimpton's core earnings set to double by the end of 2017.

"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," IHG chief executive Richard Solomons said in a statement. (Reporting by Sarah Young; editing by Kate Holton)