0. Kimpton Hotels & Restaurants
Hotel Development & Historic Tax Credits

1. Kimpton Hotels & Restaurants
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 1

2. Kimpton Hotels & Restaurants
Arlington
Hotel Palomar
Phoenix
Scottsdale
FireSky Resort & Spa
Cupertino
Cypress Hotel
San Diego
Hotel Solamar
San Francisco
Argonaut Hotel
Harbor Court Hotel
Hotel Monaco
Hotel Triton
Prescott Hotel
Serrano Hotel
Sir Francis Drake
Tuscan Inn
Portland
Hotel Vintage Plaza
Seattle
Alexis Hotel
Hotel Vintage Park
Vancouver
Pacific Palisades
Denver
Austin
Hotel Van Zandt
Salt Lake City
Aspen
Sky Hotel
Properties Under Development
Current Properties
Dallas
Hotel Lumen
South Beach
Fairwind
Ritz Plaza
Miami
Epic Hotel
Atlanta
Nashville
Chicago
Hotel Allegro
Hotel Burnham
Milwaukee
Philadelphia
Robert Morris
Baltimore
Potomac
Park Potomac
Washington DC
Hotel George
Hotel Helix
Hotel Madera
Hotel Rouge
Topaz Hotel
Alexandria
Morrison House
New York
70 Park Avenue
The Muse Hotel
Vu Hotel
Eventi Hotel
Boston
Nine Zero Hotel
Onyx Hotel
Cambridge
Hotel Marlowe
Lorien Hotel
Los Angeles
Hotel Palomar Westwood
Key Largo
Resort Hotel
Orange County
Guasti Hotel
Charleston
Midtown Hotel
What started as one small hotel in San Francisco has blossomed into a hotel empire consisting of 60 properties (including 18 under development) and over 11,500 rooms in the United States and Canada.
This portfolio includes properties owned by a Kimpton-controlled entity as well as properties managed for third-party owners.

3. -Richard Moe, President, National Trust for Historic Preservation
Historic Tax Credit Development
“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 ;
16 historic tax credit projects
Over $50 million in tax credits generated
“Every Hotel Tells a Story”
Kimpton competes with the major full-service brands (Marriott, Hyatt, Westin, Renaissance, Hilton, Sheraton) in our respective markets
The major “boutique” competition include W, JDV, and Morgans
While Kimpton’s competitors vary by market, each Kimpton hotel is operated with the same welcoming philosophy.
As shown in the positioning chart, Kimpton delivers a cutting edge luxury product that commands a high rate and is more Boutique than Trendy. 3

4. Hotel Argonaut, San Francisco, CA
Kimpton competes with the major full-service brands (Marriott, Hyatt, Westin, Renaissance, Hilton, Sheraton) in our respective markets
The major “boutique” competition include W, JDV, and Morgans
While Kimpton’s competitors vary by market, each Kimpton hotel is operated with the same welcoming philosophy.
As shown in the positioning chart, Kimpton delivers a cutting edge luxury product that commands a high rate and is more Boutique than Trendy. 4

5. Hotel Argonaut, San Francisco, CA
Kimpton competes with the major full-service brands (Marriott, Hyatt, Westin, Renaissance, Hilton, Sheraton) in our respective markets
The major “boutique” competition include W, JDV, and Morgans
While Kimpton’s competitors vary by market, each Kimpton hotel is operated with the same welcoming philosophy.
As shown in the positioning chart, Kimpton delivers a cutting edge luxury product that commands a high rate and is more Boutique than Trendy. 5

6. Hotel Argonaut, San Francisco, CA
Kimpton competes with the major full-service brands (Marriott, Hyatt, Westin, Renaissance, Hilton, Sheraton) in our respective markets
The major “boutique” competition include W, JDV, and Morgans
While Kimpton’s competitors vary by market, each Kimpton hotel is operated with the same welcoming philosophy.
As shown in the positioning chart, Kimpton delivers a cutting edge luxury product that commands a high rate and is more Boutique than Trendy. 6

7. Hotel Monaco, Washington, D.C.
Kimpton competes with the major full-service brands (Marriott, Hyatt, Westin, Renaissance, Hilton, Sheraton) in our respective markets
The major “boutique” competition include W, JDV, and Morgans
While Kimpton’s competitors vary by market, each Kimpton hotel is operated with the same welcoming philosophy.
As shown in the positioning chart, Kimpton delivers a cutting edge luxury product that commands a high rate and is more Boutique than Trendy. 7

8. Hotel Monaco, Washington, D.C.
Kimpton competes with the major full-service brands (Marriott, Hyatt, Westin, Renaissance, Hilton, Sheraton) in our respective markets
The major “boutique” competition include W, JDV, and Morgans
While Kimpton’s competitors vary by market, each Kimpton hotel is operated with the same welcoming philosophy.
As shown in the positioning chart, Kimpton delivers a cutting edge luxury product that commands a high rate and is more Boutique than Trendy. 8

9. Hotel Monaco, Washington, D.C.
Kimpton competes with the major full-service brands (Marriott, Hyatt, Westin, Renaissance, Hilton, Sheraton) in our respective markets
The major “boutique” competition include W, JDV, and Morgans
While Kimpton’s competitors vary by market, each Kimpton hotel is operated with the same welcoming philosophy.
As shown in the positioning chart, Kimpton delivers a cutting edge luxury product that commands a high rate and is more Boutique than Trendy. 9

10. Keys to Success Be flexible and creative with programming
Work within historic restrictions
Be prepared for environmental risks and issues
Public & private partnership
Kimpton competes with the major full-service brands (Marriott, Hyatt, Westin, Renaissance, Hilton, Sheraton) in our respective markets
The major “boutique” competition include W, JDV, and Morgans
While Kimpton’s competitors vary by market, each Kimpton hotel is operated with the same welcoming philosophy.
As shown in the positioning chart, Kimpton delivers a cutting edge luxury product that commands a high rate and is more Boutique than Trendy. 10

11. Hotel Palomar - Philadelphia, PA
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 Q with full scale construction in Q2 2008 11

12. Tax Credit Structure
Kimpton competes with the major full-service brands (Marriott, Hyatt, Westin, Renaissance, Hilton, Sheraton) in our respective markets
The major “boutique” competition include W, JDV, and Morgans
While Kimpton’s competitors vary by market, each Kimpton hotel is operated with the same welcoming philosophy.
As shown in the positioning chart, Kimpton delivers a cutting edge luxury product that commands a high rate and is more Boutique than Trendy. 12

13. Tax Credit Syndication
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 13