1 00:00:03,120 --> 00:00:06,519 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:06,559 --> 00:00:09,639 Speaker 1: dot com, the radio, plus Globile lact and on your radio. 3 00:00:09,920 --> 00:00:14,120 Speaker 1: This is a Bloomberg Business from Bloomberg World Handquarters. I'm 4 00:00:14,200 --> 00:00:17,640 Speaker 1: Charlie Pellett's stocks are extending losses and this update is 5 00:00:17,680 --> 00:00:21,240 Speaker 1: brought to you by S S and C more experienced, 6 00:00:21,280 --> 00:00:26,000 Speaker 1: superior technology, independence and expertise. That's how as S. Sancy 7 00:00:26,440 --> 00:00:30,080 Speaker 1: drives the future of fund administration. S S and C, 8 00:00:30,400 --> 00:00:34,440 Speaker 1: they are the future of fund administration. Right now, the 9 00:00:34,560 --> 00:00:37,320 Speaker 1: S and P five hundred Index down twenty points, session 10 00:00:37,360 --> 00:00:40,600 Speaker 1: low two thousand forty six, a drop of one percent. 11 00:00:40,960 --> 00:00:44,680 Speaker 1: Town Industrials down one hundred eighty four points, a decline 12 00:00:44,680 --> 00:00:47,680 Speaker 1: there also of one percent. The Dow it's seventeen thousand, 13 00:00:47,800 --> 00:00:51,040 Speaker 1: five hundred twenty seven. Then Astack composited in deck down 14 00:00:51,080 --> 00:00:54,560 Speaker 1: fifty five points to twenty a drop of one point 15 00:00:54,640 --> 00:00:58,040 Speaker 1: two percent. Ten uere yield one point seven five percent, 16 00:00:58,120 --> 00:01:01,280 Speaker 1: Gold up three dollars the ounce to twelve seventies seven, 17 00:01:01,280 --> 00:01:04,839 Speaker 1: again of point two percent, and crude oil above forty 18 00:01:04,880 --> 00:01:08,080 Speaker 1: eight dollars forty eight oh nine on West Texas Intermediate 19 00:01:08,280 --> 00:01:11,319 Speaker 1: of eight tenths of one percent. I'm Charlie Palet and 20 00:01:11,400 --> 00:01:16,080 Speaker 1: that's a Bloomberg business flash. You're listening to Taking Stock 21 00:01:16,200 --> 00:01:21,039 Speaker 1: with Kathleen Hayes and Tim Box on Bloomberg Radio. This 22 00:01:21,200 --> 00:01:24,440 Speaker 1: is taking Stock. We are broadcasting live from the Kimpton 23 00:01:24,800 --> 00:01:29,240 Speaker 1: Morrison House Hotel in Alexandria, Virginia. That is a part 24 00:01:29,240 --> 00:01:32,680 Speaker 1: of the Washington metro area. You know, it's interesting, Kathleen, 25 00:01:32,680 --> 00:01:35,560 Speaker 1: when we travel around the country to be able to 26 00:01:35,680 --> 00:01:38,440 Speaker 1: learn a little bit about each distinct area and the 27 00:01:38,560 --> 00:01:42,880 Speaker 1: individual economy that we're able to spend some time. And 28 00:01:42,959 --> 00:01:45,880 Speaker 1: this of course home to Bloomberg and one oh five 29 00:01:45,920 --> 00:01:49,559 Speaker 1: point seven FM HD two. And I want to thank 30 00:01:49,960 --> 00:01:54,840 Speaker 1: our host for setting us up today. The Kimpton Hotel, 31 00:01:55,680 --> 00:02:00,000 Speaker 1: Hotels and Restaurants. Mark Matt Hurlbert is the area direct 32 00:02:00,000 --> 00:02:05,200 Speaker 1: their operations for Kimpton Hotels and Restaurants. And we're at Alexander, Virginia. 33 00:02:05,240 --> 00:02:06,840 Speaker 1: Thank you very much for having us here. Thank you, 34 00:02:06,880 --> 00:02:09,720 Speaker 1: it's great to have you all. Um. When when when 35 00:02:09,720 --> 00:02:11,959 Speaker 1: you think about Alexander of Virginia, I end up having 36 00:02:12,000 --> 00:02:14,640 Speaker 1: to go online and I had to start off by understanding, 37 00:02:14,639 --> 00:02:17,079 Speaker 1: you know how many people what goes on here? I mean, 38 00:02:17,639 --> 00:02:20,760 Speaker 1: it's it's got maybe a hundred and forty thousand people, right, 39 00:02:21,120 --> 00:02:24,320 Speaker 1: but it punches away above its weight because it's it's 40 00:02:24,360 --> 00:02:29,040 Speaker 1: combined in this Washington metro area. Tell us about the area. 41 00:02:29,400 --> 00:02:31,400 Speaker 1: One aspect of it is because of our location right 42 00:02:31,400 --> 00:02:33,800 Speaker 1: next to Washington, you see, only five miles from downtown 43 00:02:33,880 --> 00:02:37,560 Speaker 1: d C. But also because the history here for our country, 44 00:02:37,600 --> 00:02:40,320 Speaker 1: you know, the to uh basically the start of the 45 00:02:40,320 --> 00:02:43,600 Speaker 1: Civil War was here in Alexandria, and we've had a 46 00:02:43,680 --> 00:02:47,280 Speaker 1: rich history before and after that, with George Washington and 47 00:02:47,320 --> 00:02:51,720 Speaker 1: many of our leaders living and uh working and uh 48 00:02:52,120 --> 00:02:55,960 Speaker 1: enjoying themselves in the local establishments here and uh in 49 00:02:56,040 --> 00:02:58,960 Speaker 1: this area. And so it's great history, but also a 50 00:02:59,000 --> 00:03:02,359 Speaker 1: location that gives as you launching point to all the 51 00:03:02,440 --> 00:03:04,760 Speaker 1: d C metro area, Well, it's a it's a lovely 52 00:03:04,960 --> 00:03:08,000 Speaker 1: quaint you know. They get the red brick sidewalks and 53 00:03:08,160 --> 00:03:10,160 Speaker 1: all kinds of mixture of old and new. And you've 54 00:03:10,200 --> 00:03:12,920 Speaker 1: got obviously that this area is developing. You're gonna be 55 00:03:12,919 --> 00:03:14,720 Speaker 1: talking about that later in the show. In terms of 56 00:03:14,760 --> 00:03:18,120 Speaker 1: news stores and brand names and all that. Um. In 57 00:03:18,200 --> 00:03:21,400 Speaker 1: terms of the hotel industry, the hospitality industry, there's a 58 00:03:21,440 --> 00:03:24,280 Speaker 1: lot of competition in this area. In the DC area Broadley, 59 00:03:24,360 --> 00:03:26,960 Speaker 1: d m V. I know some people call it DC Maryland, Virginia. 60 00:03:27,040 --> 00:03:29,960 Speaker 1: So how does Kimpton, How does the Morrison House Hotel 61 00:03:30,520 --> 00:03:33,400 Speaker 1: stand out and and bring in the people to eat 62 00:03:33,639 --> 00:03:36,800 Speaker 1: and stay overnight. Well, one thing that's the key to 63 00:03:36,840 --> 00:03:39,040 Speaker 1: success for Kimpton since our very beginning, is to having 64 00:03:39,080 --> 00:03:42,240 Speaker 1: a real understanding and having a great restaurant and bar 65 00:03:42,760 --> 00:03:46,800 Speaker 1: attached with your hotel. And uh that really helps us 66 00:03:47,160 --> 00:03:50,600 Speaker 1: bring in both locals and out of town guests to enjoy. 67 00:03:50,800 --> 00:03:53,240 Speaker 1: And that's there's no different here at the Morrison House. 68 00:03:53,280 --> 00:03:56,240 Speaker 1: We just opened the Ashler Restaurant and bar, led by 69 00:03:56,280 --> 00:04:00,200 Speaker 1: chef Bobby Surdam, who's fantastic. We have a great for 70 00:04:00,240 --> 00:04:04,480 Speaker 1: our program that's actually designed around the Colonial area cocktails, 71 00:04:04,520 --> 00:04:06,840 Speaker 1: so lots of spirits that were being traded through the 72 00:04:06,840 --> 00:04:09,760 Speaker 1: port here back in the day and uh, including ports 73 00:04:09,760 --> 00:04:12,920 Speaker 1: and madeiras and RUMs and uh, there's a it's a 74 00:04:12,960 --> 00:04:15,840 Speaker 1: great um cocktail program for you to try some some 75 00:04:15,840 --> 00:04:18,560 Speaker 1: things you probably haven't tried before. I think about Manhattan 76 00:04:18,560 --> 00:04:21,520 Speaker 1: with run rather than bourbon things like that. UM. But 77 00:04:21,600 --> 00:04:25,000 Speaker 1: in general Kimpton also we make sure that design is 78 00:04:25,200 --> 00:04:28,040 Speaker 1: at the forefront of each of our hotels and restaurants, 79 00:04:28,040 --> 00:04:31,000 Speaker 1: there's no one. There's no one. They're all unique, right, 80 00:04:31,000 --> 00:04:34,240 Speaker 1: they're all there a little Yeah, that's important to us. 81 00:04:34,279 --> 00:04:36,680 Speaker 1: We we want each place to kind of represent the 82 00:04:36,760 --> 00:04:39,160 Speaker 1: area that's in and you'll you'll find that colonial kind 83 00:04:39,160 --> 00:04:41,920 Speaker 1: of charm of this the Morrison House and our Monico 84 00:04:41,960 --> 00:04:44,239 Speaker 1: Alexandria just down the street. And we have another hotel 85 00:04:44,279 --> 00:04:46,279 Speaker 1: called the Lorian Hotel and spat up on King Street 86 00:04:46,279 --> 00:04:49,200 Speaker 1: here as well in Old Town Alexandria. Um So, yeah, 87 00:04:49,200 --> 00:04:51,440 Speaker 1: the design and the decor needs to be tied into 88 00:04:51,480 --> 00:04:53,320 Speaker 1: the local area because we want guests to experience what 89 00:04:53,400 --> 00:04:54,800 Speaker 1: it's like to be in this area that they're in, 90 00:04:55,040 --> 00:04:57,680 Speaker 1: not just somewhere they can find anywhere around the world. 91 00:04:58,240 --> 00:05:01,640 Speaker 1: So in order to experience is what is the price point? Well, 92 00:05:01,760 --> 00:05:04,720 Speaker 1: you know, our price is verry based on day of week, 93 00:05:05,200 --> 00:05:07,440 Speaker 1: time of year, I think for in general, if you 94 00:05:07,520 --> 00:05:09,839 Speaker 1: if you looked at the Morrison House, will be between 95 00:05:09,839 --> 00:05:12,680 Speaker 1: a one ninety nine or nine per night based on 96 00:05:12,720 --> 00:05:15,080 Speaker 1: when it when it is time of year. So I 97 00:05:15,160 --> 00:05:17,800 Speaker 1: was we were talking before we got started. Full interest 98 00:05:17,839 --> 00:05:20,200 Speaker 1: of full disclosure, I worked at A Kimpton years ago 99 00:05:20,360 --> 00:05:22,479 Speaker 1: in Seattle, Washington, is one of the very first Kimpton's, 100 00:05:22,480 --> 00:05:26,560 Speaker 1: the Alexis, which is down here Pioneer Square. Now you 101 00:05:26,600 --> 00:05:29,800 Speaker 1: have a total of what about five dozen hotels across 102 00:05:29,839 --> 00:05:32,240 Speaker 1: the country? Is that never correct? How do you then? 103 00:05:32,240 --> 00:05:34,719 Speaker 1: How does your business model match up? Again, you used 104 00:05:34,720 --> 00:05:37,080 Speaker 1: to work for Hiatt or one of these huge change 105 00:05:37,120 --> 00:05:40,279 Speaker 1: It has all kinds of hotels and some very big 106 00:05:40,279 --> 00:05:42,560 Speaker 1: ones around the country the world. Yeah, well, it's an 107 00:05:42,560 --> 00:05:44,600 Speaker 1: interesting challenge for us as a company that has a 108 00:05:45,120 --> 00:05:48,760 Speaker 1: lot of different hotels and specifically have unique style and 109 00:05:48,760 --> 00:05:51,000 Speaker 1: design to each one. What is a brand and we 110 00:05:51,080 --> 00:05:53,839 Speaker 1: want people to be aware of us as a brand 111 00:05:53,839 --> 00:05:56,240 Speaker 1: and then you can access us throughout the country. And 112 00:05:56,240 --> 00:05:59,159 Speaker 1: we're continuing to grow very quickly right now. So um, 113 00:05:59,200 --> 00:06:02,200 Speaker 1: we've been working very hard on on our marketing and 114 00:06:02,400 --> 00:06:03,640 Speaker 1: one of the things that we're doing is put in 115 00:06:03,640 --> 00:06:05,840 Speaker 1: the Kimpton name. So when you notice the Morrison House hotel, 116 00:06:06,080 --> 00:06:09,360 Speaker 1: it's the Kimpton Morrison House now and that's a way 117 00:06:09,400 --> 00:06:12,040 Speaker 1: for us to kind of help associate for people that, 118 00:06:12,240 --> 00:06:14,800 Speaker 1: um it's part of the Kimpton chain that they know 119 00:06:14,839 --> 00:06:17,960 Speaker 1: and love from different hotels and restaurants the experience around 120 00:06:18,000 --> 00:06:21,440 Speaker 1: the country. Like to get your thoughts on Airbnb? What 121 00:06:21,560 --> 00:06:23,720 Speaker 1: is that? What? What does that mean in the hospitality 122 00:06:23,760 --> 00:06:25,880 Speaker 1: industry these days? When you when you hear that from 123 00:06:25,920 --> 00:06:29,040 Speaker 1: your colleagues, from from other people in the business, what's 124 00:06:29,080 --> 00:06:32,080 Speaker 1: the feeling. It's usually followed by a word I can't 125 00:06:32,120 --> 00:06:35,919 Speaker 1: say on the radio, but al right, yah know, Airbnb 126 00:06:36,040 --> 00:06:38,960 Speaker 1: is it's been a big change for our industry over 127 00:06:39,000 --> 00:06:42,599 Speaker 1: the last few years. And obviously it's growing very quickly. Um. 128 00:06:42,720 --> 00:06:45,600 Speaker 1: And you know it's part of the shared economy, that's 129 00:06:45,680 --> 00:06:49,520 Speaker 1: that's uh that it's been a big growth in the 130 00:06:49,760 --> 00:06:51,480 Speaker 1: well we guess you say, like last five or tenure 131 00:06:51,600 --> 00:06:53,760 Speaker 1: your guests use Uber when they come and go from 132 00:06:53,960 --> 00:06:58,240 Speaker 1: here or yeah, definitely, definitely for sure. Yeah, so um Airbnb. 133 00:06:58,279 --> 00:07:00,359 Speaker 1: You know, it's hard to get statistics on air They 134 00:07:00,360 --> 00:07:02,520 Speaker 1: don't they don't give a lot of information. But some 135 00:07:02,560 --> 00:07:05,119 Speaker 1: of the studies that I've seen show that it's really 136 00:07:05,160 --> 00:07:10,240 Speaker 1: more equal to a limited service hotel, so uh not 137 00:07:10,360 --> 00:07:13,040 Speaker 1: in those rates typically that I quoted you for the 138 00:07:13,080 --> 00:07:16,480 Speaker 1: Morrison House or typical that the that the Kimpton hotels 139 00:07:16,480 --> 00:07:21,280 Speaker 1: would charge. Um. And you know, obviously there's different parts 140 00:07:21,280 --> 00:07:22,920 Speaker 1: of the country where it's more popular than others. In 141 00:07:23,240 --> 00:07:26,080 Speaker 1: New York City. Obviously it's very big and there's a 142 00:07:26,120 --> 00:07:30,280 Speaker 1: great demand for it there um, but it's certainly something 143 00:07:30,320 --> 00:07:33,280 Speaker 1: that we pay post Kempton. All right, well, Maco about 144 00:07:33,280 --> 00:07:35,520 Speaker 1: Thank you so very much for joining us as we 145 00:07:35,640 --> 00:07:38,240 Speaker 1: kick off our live broadcast here at the Kimpton Morrison 146 00:07:38,240 --> 00:07:41,600 Speaker 1: House Hotel and Alexandria, Virginia. He's airy director of operations 147 00:07:41,920 --> 00:07:47,120 Speaker 1: or the company. This is Woomberg Radio, coming up on 148 00:07:47,200 --> 00:07:51,160 Speaker 1: taking stock. As brick and mortar retailers fight off the 149 00:07:51,320 --> 00:07:55,200 Speaker 1: online e commerce world, how can you invest? We'll talk 150 00:07:55,280 --> 00:07:57,400 Speaker 1: to someone creating a new et F