France's Foncière des Régions is betting big on the UK. The investment giant has shelled out a reported $1.1 billion for 14 hotels and more than 2,200 rooms owned by Starwood Capital Group under the Principal Hotels and De Vere brands. Each hotel is based in the UK with the Principal London the trophy in the lot, where rooms sell for more than $550 per night. Properties also included are in Edinburgh, Leeds and Manchester, among other UK markets.

After the deal is completed, likely in June, 13 of the hotels will convert to brands under the IHG umbrella, reportedly either its luxury InterContinental flag, its upper-upscale Kimpton Hotels or a new upscale conversion brand that is still under wraps. The deal should help spur expansion of the Kimpton brand in Europe, where currently there is only one hotel, in Amsterdam. In 2016, IHG announced a 149-room Kimpton property in Paris, near the opera house, scheduled to open in 2020. Kimpton has also signed deals for Kimpton hotels in Asia.

IHG acquired the Kimpton brand in 2014 for $430 million, but has been slow to grow it internationally.

Under the terms of the agreement with Foncière des Régions, IHG will operate the hotels under long-term managed leases.

The accretive deal for IHG is part of a recent spate of growth for the company under CEO Keith Barr, who took the helm last July. Since then, he's made moves that have included acquiring a stake in the Regent Hotel brand and announcing the aforementoned new upscale conversion brand. Barr, since he became CEO, has made it a point to grow the Kimpton brand internationally.

Of this deal, Barr said: "We are focused on continuing to expand our leadership in luxury and upscale, which are both high-value segments with significant growth potential. Bringing Kimpton to such an important market as the UK is a key part of our plans, as is the introduction of our new upscale brand, which will provide an exciting, differentiated offering to both guests and owners. Together with the recent addition of Regent Hotels & Resorts to our portfolio, we are building real momentum behind our plans to deliver industry-leading net rooms growth."