Latest news with #JoeLong
Yahoo
25-04-2025
- Business
- Yahoo
KHP raises $300m for lifestyle hotel acquisitions and renovations
Private real estate investment company KHP Capital Partners has secured $300m in commitments for its sixth real estate fund. The KHP Fund VI will maintain the company's strategy of adding value through the purchase and refurbishment of assets, aiming to establish them as top-tier lifestyle accommodations. The company has previously executed projects such as the renovation of the Pan Pacific in Seattle, which is set to relaunch as the 1 Hotel Seattle next month. Another notable transformation is of Le Meridien in San Francisco, now the Jay Hotel, part of Marriott's Autograph Collection. Established in 2015 by industry veterans Mike Depatie, Joe Long, and Ben Rowe, KHP originated from the hotel real estate private equity business initiated at Kimpton Hotels & Restaurants. Before Kimpton's acquisition by InterContinental Hotel Group in January 2015, the team also managed the hotel and restaurant operations. Over the past decade, KHP has expanded by accumulating $1bn of equity under management. The KHP funds collectively own 16 hotels and have made two additional investments in hotel credit. The company is currently under the leadership of managing partners Ben Rowe and Joe Long, with Jeff Stulmaker serving as partner and chief investment officer. Rowe said: "We are very pleased with the level of investor support for this new fund. In addition to strong support from our existing investors, we've expanded our LP base with several new highly respected institutional partners. With this new fund, we are ideally positioned to take advantage of what should be a particularly favourable investing environment over the next few years." The new fund has already made three investments, including the conversion of a historic office building in Charlotte into a lifestyle hotel and the acquisition of a mortgage note on a Seattle hotel. The fund's third investment was the acquisition of the Hotel Viking in Newport, completed on 17 April. KHP anticipates deploying the remainder of the fund within the next two years. With co-invest equity and leverage, the fund's buying power could reach nearly $1bn. The company expects to invest in eight to ten projects, focusing on major US markets and select leisure destinations. Stulmaker added: "The final closing of our sixth fund comes at the perfect time to capitalise on the lingering distress from Covid and the elevated interest rate environment. "With our value-add strategies that focus on driving operational upside, the renovation and repositioning of under-capitalised hotels and conversion of distressed historic office buildings to hotel use, we are well-positioned to take advantage of the current environment to make compelling lifestyle hotel investments." "KHP raises $300m for lifestyle hotel acquisitions and renovations" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
24-04-2025
- Business
- Yahoo
KHP raises $300m for lifestyle hotel acquisitions and renovations
Private real estate investment company KHP Capital Partners has secured $300m in commitments for its sixth real estate fund. The KHP Fund VI will maintain the company's strategy of adding value through the purchase and refurbishment of assets, aiming to establish them as top-tier lifestyle accommodations. The company has previously executed projects such as the renovation of the Pan Pacific in Seattle, which is set to relaunch as the 1 Hotel Seattle next month. Another notable transformation is of Le Meridien in San Francisco, now the Jay Hotel, part of Marriott's Autograph Collection. Established in 2015 by industry veterans Mike Depatie, Joe Long, and Ben Rowe, KHP originated from the hotel real estate private equity business initiated at Kimpton Hotels & Restaurants. Before Kimpton's acquisition by InterContinental Hotel Group in January 2015, the team also managed the hotel and restaurant operations. Over the past decade, KHP has expanded by accumulating $1bn of equity under management. The KHP funds collectively own 16 hotels and have made two additional investments in hotel credit. The company is currently under the leadership of managing partners Ben Rowe and Joe Long, with Jeff Stulmaker serving as partner and chief investment officer. Rowe said: "We are very pleased with the level of investor support for this new fund. In addition to strong support from our existing investors, we've expanded our LP base with several new highly respected institutional partners. With this new fund, we are ideally positioned to take advantage of what should be a particularly favourable investing environment over the next few years." The new fund has already made three investments, including the conversion of a historic office building in Charlotte into a lifestyle hotel and the acquisition of a mortgage note on a Seattle hotel. The fund's third investment was the acquisition of the Hotel Viking in Newport, completed on 17 April. KHP anticipates deploying the remainder of the fund within the next two years. With co-invest equity and leverage, the fund's buying power could reach nearly $1bn. The company expects to invest in eight to ten projects, focusing on major US markets and select leisure destinations. Stulmaker added: "The final closing of our sixth fund comes at the perfect time to capitalise on the lingering distress from Covid and the elevated interest rate environment. "With our value-add strategies that focus on driving operational upside, the renovation and repositioning of under-capitalised hotels and conversion of distressed historic office buildings to hotel use, we are well-positioned to take advantage of the current environment to make compelling lifestyle hotel investments." "KHP raises $300m for lifestyle hotel acquisitions and renovations" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
14-04-2025
- Business
- Yahoo
Whitehall City Council to vote on tax incentives for controversial Fairway Cliffs townhomes
Whitehall City Council is expected to vote Tuesday on a proposed trio of tax incentives for a controversial townhome development that has angered some residents because it would divert tax money from city services. Developer JDS Companies has proposed building 50 townhomes, dubbed Fairway Cliffs, on a 10.27-acre site along Fairway Boulevard that's split between a smaller parcel on the west side of the roadway and a larger parcel to the east. Of the 10.27 acres, about 3.8 acres of the eastern parcel would be developed into a city park along Big Walnut Creek, said Whitehall Economic Development Director Joe Long. Fairway Cliffs, Long said, would be Whitehall's first new housing development in more than 20 years. The city has proposed a series of tax incentives that would redirect some property taxes toward public improvements, such as roads and water and sewer infrastructure, Long said. While one incentive would give the development a 100% property tax abatement for 15 years, another would levy an assessment on property owners for that same time period that would be roughly equal to the property taxes being abated, Long said. "That allows for not only the reimbursement to the developer for any public improvements that they paid for upfront, but it also allows the project to give funds to the (Whitehall) school district, to the city, and then, for a certain number of years, the county as well," he said. Once the first two incentives end after 15 years, a third incentive called a tax increment financing incentive district, or TIF, would be in effect for another 15 years. That TIF would direct a portion of property taxes into a fund to maintain public infrastructure related to the housing development. By the city providing these incentives to reimburse for public improvements,Long said, the developer can increase the quality of the townhomes and give the land for a public park that the entire Whitehall community can enjoy. "Without these incentives, it would be hard to kind of make it work as a for-sale product, and then they would want to keep the park as a private amenity for just those, folks who are in the development," he said. But many Whitehall residents are not supportive of the tax incentives or the development plan for the site, which has led to standing-room-only city council meetings as people voice their opposition. "I think the reason why is because people are upset because they think they're being taken advantage of," said Whitehall resident Holly Stein, who has fought against the project since it was initially proposed in 2023. Stein said there are numerous reasons why Whitehall residents are against the Fairway Cliffs development, such as the density and appropriateness of the townhomes in a neighborhood of single-family homes. But the biggest reason is the tax incentives, which will divert money from city services, such as the police and fire departments, roads, and water and sewer services, she said. "If it's a for-profit developer, why are we providing those tax-abated funds to them? If it's truly capitalism, just let him take on that risk," she said. Stein is a candidate for a ward seat on Whitehall City Council on the November ballot. However, the city council and another council candidate are challenging a decision by the Franklin County Board of Elections to leave Stein on the ballot in a complaint to the Ohio Supreme Court. The plaintiffs argue Stein has not lived in Whitehall for a long enough, consecutive period of time to meet the city charter's residency requirement to hold office. Stein argues the city charter language is not specific and that she meets the two years required. Eastern suburbs Reporter Maria DeVito can be reached at mdevito@ and @ on Bluesky and @MariaDeVito13 on X. This article originally appeared on The Columbus Dispatch: Whitehall council to vote on tax incentives for townhomes development
