Kimpton Hotels & Restaurants

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

2. 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

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

4. 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” 3

5. Hotel Argonaut, San Francisco, CA 4

6. Hotel Argonaut, San Francisco, CA 5

7. Hotel Argonaut, San Francisco, CA 6

8. Hotel Monaco, Washington, D.C. 7

9. Hotel Monaco, Washington, D.C. 8

10. Hotel Monaco, Washington, D.C. 9

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

12. 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 Q1 2008 with full scale construction in Q2 2008 11

13. Tax Credit Structure 12

14. 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