Joseph D. Long

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  www.lodgingmagazine.com/ME2/dirmod.asp?sid=&nm=&type=Pu - [Cached Version]
  Published on: 5/1/2008    Last Visited: 5/1/2008  

  "It seems to change by the hour," quips Joe Long, executive vice president of acquisitions and development for Kimpton Hotels & Restaurants.In fact, the outlook for lodging not only changes with each passing news story about the latest banking institution to find itself in sea of difficulties, but also with each person you ask.
  
  Long, like his peers, knows that the situation is no laughing matter.There's no doubt that the nation's lending conditions are having an effect on lodging franchising and development.
  ...
  "I think whether it's for an existing hotel, and certainly for new construction, the terms of those loans-if you can get a loan-are substantially different than they were, certainly nine months ago, but even a month ago," Long says.
  ...
  The mega deals-the big corporate mergers-are pretty much shut down, because that level of financing is just simply not out there," Long says.
  ...
  "What's interesting as I talk to people, not just hotel real estate people, but general real estate people, is there is a general feeling is that the underlying real estate fundamentals are not nearly in as much chaos as just the liquidity crisis that currently exists," Long says.
  ...
  "Clearly, the growth isn't going to be what it's been," Long continues.
  ...
  "The CMBS market provided a tremendous amount of liquidity that drove down pricing on debt," Long says.
  ...
  "As economic times get tougher, owners get more anxious," Long says."When they get more anxious, or if their properties aren't performing, often, they look to make changes."
  
  For a company such as Kimpton, which does not franchise, but manages its own and others' hotels in upscale space, the economic environment may present opportunities to shift some growth from new development to conversions."I think for people like us in the four-star sector, we may start to see opportunities for change of management in existing hotels," Long says.
  
  Looking ForwardAs previously mentioned, the crisis looms larger for some than others.So which sectors and markets figure to fare better?
  
  "I do think that the hotels in the major urban markets will feel less of an effect with respect to the economic downturn that we're in right now," Long says, "just because those markets have seen less new supply."
  
  Looking back at the trough in the late 1980s and early 1990s, hoteliers can see a similarity.At that time, the economy went south about the same time there was unprecedented supply growth just about everywhere."We don't have that level of supply growth today," Long says.

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  nashville.bizjournals.com/nashville/business_travel/sto - [Cached Version]
  Published on: 7/20/2009    Last Visited: 7/21/2009  

  Joe Long, chief investment officer and executive of development at Kimpton Hotels & Restaurants, estimated that Bay Area hotel values have "eroded 30 to 50 percent."
  
  "With that kind of value erosion, many hotels have no equity left," he said.
  ...
  Long said it will be tough to secure a replacement loan for some of its properties even if they are making money. "Even if the cash flow can support a replacement loan, there are no lenders in the market," said Long.
  
  Long said Kimpton, which owns or operates nine hotels in San Francisco, "has some breathing room" with its debt and did not do much buying or refinancing at the peak. He said balance-sheet lenders - lenders who kept the loans on their books rather than syndicating them - "are appreciative of proactive borrowers. He added that lenders are receptive to extending loans if borrowers are willing to pony-up more cash.
  
  New Opportunities
  
  Meanwhile, investors on the sidelines are creating vulture funds to swoop in on cheap debt and foreclosed hotels. Long said Kimpton has $200 million cash in its second fund for acquisitions and is looking at properties.

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  www.hotelinteractive.com/index.asp?page_id=5000&article - [Cached Version]
  Published on: 4/4/2008    Last Visited: 5/11/2008  

  With our aggressive growth plans, a solid track record is a key asset in attracting investors and negotiating acquisitions," said Joe Long, executive vice president of development and construction for Kimpton.

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  www.guestspan.com/blog/?cat=18 - [Cached Version]
  Published on: 5/13/2008    Last Visited: 10/13/2008  

  Further elaborating on how the company is approaching this, Joseph Long, Executive VP of Acquisition said,

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  www.hotelmotel.com/hotelmotel/Top+stories/New-Kimpton-f - [Cached Version]
  Published on: 5/5/2008    Last Visited: 5/13/2008  

  The company takes its role as fund sponsor seriously, said Joe Long, executive v.p. of development and construction.
  
  "If you look at the funds that invest in hotels, most are part investors in [real-estate investment trusts] or hotel chains, or bigger guys like Blackstone, or smaller funds that are real-estate focused," Long said."It's very unusual where investors
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  hotel is much more contemporary," Long explained.
  ...
  Long said adaptive reuse typically occurs in high barrier-to-entry markets, where a renovation would cost less than to build from the ground up.
  
  "We do reuse in many tight urban markets, where we think would it be great for a hotel and there's already a building there."
  
  Acquire existing hotels that either fit the Kimpton model or are underutilized, and reposition them as a Kimpton hotel.
  
  "We're principally set up to buy existing hotels that might fit what we do already or can be repositioned to Kimpton," Long

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  www.chicagobusiness.com/cgi-bin/mag/article.pl?articleI - [Cached Version]
  Published on: 5/25/2009    Last Visited: 5/28/2009  

  Kimpton and Magellan are "close" to a deal, Kimpton Chief Investment Officer Joe Long confirms, adding a note of caution.
  
  "It's the same as every project today," he says. "You've got to get financing and you've got to re-adjust your expectations in terms of future of performance."
  
  He declines to comment on the specifics of the negotiations.

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  www.lodgingmagazine.com/ME2/dirmod.asp?sid=&nm=&type=Pu - [Cached Version]
  Published on: 5/1/2008    Last Visited: 7/25/2009  

  "It seems to change by the hour," quips Joe Long, executive vice president of acquisitions and development for Kimpton Hotels & Restaurants. In fact, the outlook for lodging not only changes with each passing news story about the latest banking institution to find itself in sea of difficulties, but also with each person you ask.
  
  Long, like his peers, knows that the situation is no laughing matter. There's no doubt that the nation's lending conditions are having an effect on lodging franchising and development.
  ...
  "I think whether it's for an existing hotel, and certainly for new construction, the terms of those loans-if you can get a loan-are substantially different than they were, certainly nine months ago, but even a month ago," Long says.
  ...
  The mega deals-the big corporate mergers-are pretty much shut down, because that level of financing is just simply not out there," Long says.
  ...
  "What's interesting as I talk to people, not just hotel real estate people, but general real estate people, is there is a general feeling is that the underlying real estate fundamentals are not nearly in as much chaos as just the liquidity crisis that currently exists," Long says.
  ...
  "Clearly, the growth isn't going to be what it's been," Long continues.
  ...
  "The CMBS market provided a tremendous amount of liquidity that drove down pricing on debt," Long says.
  ...
  "As economic times get tougher, owners get more anxious," Long says. "When they get more anxious, or if their properties aren't performing, often, they look to make changes."
  
  For a company such as Kimpton, which does not franchise, but manages its own and others' hotels in upscale space, the economic environment may present opportunities to shift some growth from new development to conversions. "I think for people like us in the four-star sector, we may start to see opportunities for change of management in existing hotels," Long says.
  
  Looking Forward As previously mentioned, the crisis looms larger for some than others. So which sectors and markets figure to fare better?
  
  "I do think that the hotels in the major urban markets will feel less of an effect with respect to the economic downturn that we're in right now," Long says, "just because those markets have seen less new supply."
  
  Looking back at the trough in the late 1980s and early 1990s, hoteliers can see a similarity. At that time, the economy went south about the same time there was unprecedented supply growth just about everywhere. "We don't have that level of supply growth today," Long says.

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  www.washingtonian.com/articles/homegarden/5587.html - [Cached Version]
  Published on: 7/28/2008    Last Visited: 7/28/2008  

  Joe Long, an executive at Kimpton Hotels—the boutique chain that manages Hotel Palomar—says that hotels like the Ritz-Carlton and the Four Seasons began incorporating residential components more than ten years ago to help finance the running of a five-star hotel.
  
  "In the last five years, a lot of developers have recognized that buyers are interested in that level of service but may not be able to afford the super high end," says Long.As a result, such hotels as Kimpton, Westin, and Marriott have gotten into the game.
  
  Although the new condos can be expensive—prices in the Waterview top $5 million—they also offer more-affordable units.Waterview prices start in the $400,000s; Jamieson units are priced from the high $300,000s.
  
  For these hotels new to the trend, condos provide an extra revenue stream—in most cases, the hotel charges residents for services à la carte—and absorb some construction costs.Says Long about the new Hotel Palomar, "Frankly, if it was just a hotel, it probably would not have been developed."

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  www.hotelinteractive.com/index.asp?page_id=5000&article - [Cached Version]
  Published on: 2/4/2008    Last Visited: 2/7/2008  

  At Kimpton Hotels, a boutique hotel company with 42 hotel open hotels and another 18 in development, Joe Long, EVP Acquisitions and Development said things are looking pretty good at his properties, which includes brands such as Palomar and Hotel Monaco.
  
  "We see bookings and fundamentals remaining very strong.Right now people are in a bit of a panic, but we will weather the crisis," said Long, noting that the transaction market, however, is becoming shaky.

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  www.washingtonian.com/articles/homegarden/5587.html - [Cached Version]
  Published on: 11/9/2007    Last Visited: 11/9/2007  

  Joe Long, an executive at Kimpton Hotels,the boutique chain that manages Hotel Palomar,says that hotels like the Ritz-Carlton and the Four Seasons began incorporating residential components more than ten years ago to help finance the running of a five-star hotel.
  
  "In the last five years, a lot of developers have recognized that buyers are interested in that level of service but may not be able to afford the super high end," says Long.As a result, such hotels as Kimpton, Westin, and Marriott have gotten into the game.
  
  Although the new condos can be expensive,prices in the Waterview top $5 million,they also offer more-affordable units.Waterview prices start in the $400,000s; Jamieson units are priced from the high $300,000s.
  
  For these hotels new to the trend, condos provide an extra revenue stream,in most cases, the hotel charges residents for services à la carte,and absorb some construction costs.Says Long about the new Hotel Palomar, "Frankly, if it was just a hotel, it probably would not have been developed."

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