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Kimpton Hotels & Restaurants Hotel Development & Historic Tax Credits.

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Presentation on theme: "Kimpton Hotels & Restaurants Hotel Development & Historic Tax Credits."— Presentation transcript:

1 Kimpton Hotels & Restaurants Hotel Development & Historic Tax Credits

2 Kimpton Hotels & Restaurants 1 -Kimpton is the largest owner, operator and developer in the boutique segment -Experienced in-house design and construction team -Proven ability to profitably operate unique, high-volume chef-driven restaurants -Growing brand recognition and loyalty -Strong culture of innovation, service, and care for the environment

3 2 Kimpton Hotels & Restaurants Arlington Hotel Palomar Phoenix Hotel Palomar Scottsdale FireSky Resort & Spa Cupertino Cypress Hotel San Diego Hotel Solamar San Francisco Argonaut Hotel Harbor Court Hotel Hotel Monaco Hotel Palomar Hotel Triton Prescott Hotel Serrano Hotel Sir Francis Drake Tuscan Inn Portland Hotel Monaco Hotel Vintage Plaza Seattle Alexis Hotel Hotel Monaco Hotel Vintage Park Vancouver Pacific Palisades Denver Hotel Palomar Austin Hotel Van Zandt Salt Lake City Hotel Monaco Aspen Sky Hotel Denver Hotel Monaco Properties Under Development Current Properties Dallas Hotel Palomar Hotel Lumen South Beach Fairwind Ritz Plaza Miami Epic Hotel Atlanta Hotel Palomar Nashville Hotel Palomar Chicago Hotel Allegro Hotel Burnham Hotel Monaco Chicago Hotel Palomar Milwaukee Hotel Palomar Philadelphia Hotel Palomar Robert Morris Baltimore Hotel Monaco Potomac Park Potomac Washington DC Hotel George Hotel Helix Hotel Madera Hotel Monaco Hotel Palomar Hotel Rouge Topaz Hotel Alexandria Hotel Monaco Morrison House New York 70 Park Avenue The Muse Hotel New York Vu Hotel Eventi Hotel Boston Nine Zero Hotel Onyx Hotel Cambridge Hotel Marlowe Alexandria Lorien Hotel Los Angeles Hotel Palomar Westwood Key Largo Resort Hotel Orange County Guasti Hotel Charleston Midtown Hotel

4 3 Historic Tax Credit Development -16 historic tax credit projects -Over $50 million in tax credits generated -Every Hotel Tells a Story They stepped in where others had given up hope, turning white elephants into magnificent gems. With preservation at the core of its corporate strategy, Kimpton is a model for the private sector -Richard Moe, President, National Trust for Historic Preservation ;

5 4 Hotel Argonaut, San Francisco, CA

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8 7 Hotel Monaco, Washington, D.C.

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11 10 Keys to Success -Be flexible and creative with programming -Work within historic restrictions -Be prepared for environmental risks and issues -Public & private partnership

12 -Conversion of the Architects Building, an existing office building, into a Hotel Palomar -Located at 117 S. 17th St. in downtown Philadelphia, proximate to Rittenhouse Square -230-room Hotel, including 19 suites -120-seat signature restaurant -6,500 SF of meeting space, including a 2,100 SF ballroom located on the on the 24th floor -LEED certified -Demolition began in Q1 2008 with full scale construction in Q2 2008 Hotel Palomar - Philadelphia, PA 11

13 12 Tax Credit Structure

14 -Choose your consultants and advisors wisely -Choose a lender that has experience with tax credits and make sure their lawyers do as well -If possible, design your basic equity and management & development fee structure with the tax credit structure in mind -Become an expert on the details of the models and the legal documents -Consider local tax issues – transfer taxes, business privilege taxes, etc. -Evaluate reportable transaction implications Tax Credit Syndication 13

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