WEBVTT - Kimpton's Hurlburt on Renovated Morrison House Hotel (Audio)

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<v Speaker 1>that's a Bloomberg business flash. You're listening to Taking Stock

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<v Speaker 1>with Kathleen Hayes and Tim Box on Bloomberg Radio. This

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<v Speaker 1>is taking Stock. We are broadcasting live from the Kimpton

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<v Speaker 1>Morrison House Hotel in Alexandria, Virginia. That is a part

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<v Speaker 1>of the Washington metro area. You know, it's interesting, Kathleen,

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<v Speaker 1>when we travel around the country to be able to

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<v Speaker 1>learn a little bit about each distinct area and the

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<v Speaker 1>individual economy that we're able to spend some time. And

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<v Speaker 1>this of course home to Bloomberg and one oh five

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<v Speaker 1>point seven FM HD two. And I want to thank

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<v Speaker 1>our host for setting us up today. The Kimpton Hotel,

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<v Speaker 1>Hotels and Restaurants. Mark Matt Hurlbert is the area direct

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<v Speaker 1>their operations for Kimpton Hotels and Restaurants. And we're at Alexander, Virginia.

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<v Speaker 1>Thank you very much for having us here. Thank you,

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<v Speaker 1>it's great to have you all. Um. When when when

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<v Speaker 1>you think about Alexander of Virginia, I end up having

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<v Speaker 1>to go online and I had to start off by understanding,

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<v Speaker 1>you know how many people what goes on here? I mean,

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<v Speaker 1>it's it's got maybe a hundred and forty thousand people, right,

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<v Speaker 1>but it punches away above its weight because it's it's

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<v Speaker 1>combined in this Washington metro area. Tell us about the area.

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<v Speaker 1>One aspect of it is because of our location right

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<v Speaker 1>next to Washington, you see, only five miles from downtown

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<v Speaker 1>d C. But also because the history here for our country,

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<v Speaker 1>you know, the to uh basically the start of the

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<v Speaker 1>Civil War was here in Alexandria, and we've had a

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<v Speaker 1>rich history before and after that, with George Washington and

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<v Speaker 1>many of our leaders living and uh working and uh

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<v Speaker 1>enjoying themselves in the local establishments here and uh in

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<v Speaker 1>this area. And so it's great history, but also a

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<v Speaker 1>location that gives as you launching point to all the

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<v Speaker 1>d C metro area, Well, it's a it's a lovely

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<v Speaker 1>quaint you know. They get the red brick sidewalks and

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<v Speaker 1>all kinds of mixture of old and new. And you've

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<v Speaker 1>got obviously that this area is developing. You're gonna be

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<v Speaker 1>talking about that later in the show. In terms of

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<v Speaker 1>news stores and brand names and all that. Um. In

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<v Speaker 1>terms of the hotel industry, the hospitality industry, there's a

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<v Speaker 1>lot of competition in this area. In the DC area Broadley,

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<v Speaker 1>d m V. I know some people call it DC Maryland, Virginia.

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<v Speaker 1>So how does Kimpton, How does the Morrison House Hotel

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<v Speaker 1>stand out and and bring in the people to eat

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<v Speaker 1>and stay overnight. Well, one thing that's the key to

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<v Speaker 1>success for Kimpton since our very beginning, is to having

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<v Speaker 1>a real understanding and having a great restaurant and bar

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<v Speaker 1>attached with your hotel. And uh that really helps us

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<v Speaker 1>bring in both locals and out of town guests to enjoy.

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<v Speaker 1>And that's there's no different here at the Morrison House.

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<v Speaker 1>We just opened the Ashler Restaurant and bar, led by

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<v Speaker 1>chef Bobby Surdam, who's fantastic. We have a great for

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<v Speaker 1>our program that's actually designed around the Colonial area cocktails,

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<v Speaker 1>so lots of spirits that were being traded through the

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<v Speaker 1>port here back in the day and uh, including ports

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<v Speaker 1>and madeiras and RUMs and uh, there's a it's a

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<v Speaker 1>great um cocktail program for you to try some some

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<v Speaker 1>things you probably haven't tried before. I think about Manhattan

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<v Speaker 1>with run rather than bourbon things like that. UM. But

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<v Speaker 1>in general Kimpton also we make sure that design is

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<v Speaker 1>at the forefront of each of our hotels and restaurants,

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<v Speaker 1>there's no one. There's no one. They're all unique, right,

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<v Speaker 1>they're all there a little Yeah, that's important to us.

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<v Speaker 1>We we want each place to kind of represent the

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<v Speaker 1>area that's in and you'll you'll find that colonial kind

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<v Speaker 1>of charm of this the Morrison House and our Monico

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<v Speaker 1>Alexandria just down the street. And we have another hotel

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<v Speaker 1>called the Lorian Hotel and spat up on King Street

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<v Speaker 1>here as well in Old Town Alexandria. Um So, yeah,

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<v Speaker 1>the design and the decor needs to be tied into

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<v Speaker 1>the local area because we want guests to experience what

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<v Speaker 1>it's like to be in this area that they're in,

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<v Speaker 1>not just somewhere they can find anywhere around the world.

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<v Speaker 1>So in order to experience is what is the price point? Well,

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<v Speaker 1>you know, our price is verry based on day of week,

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<v Speaker 1>time of year, I think for in general, if you

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<v Speaker 1>if you looked at the Morrison House, will be between

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<v Speaker 1>a one ninety nine or nine per night based on

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<v Speaker 1>when it when it is time of year. So I

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<v Speaker 1>was we were talking before we got started. Full interest

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<v Speaker 1>of full disclosure, I worked at A Kimpton years ago

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<v Speaker 1>in Seattle, Washington, is one of the very first Kimpton's,

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<v Speaker 1>the Alexis, which is down here Pioneer Square. Now you

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<v Speaker 1>have a total of what about five dozen hotels across

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<v Speaker 1>the country? Is that never correct? How do you then?

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<v Speaker 1>How does your business model match up? Again, you used

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<v Speaker 1>to work for Hiatt or one of these huge change

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<v Speaker 1>It has all kinds of hotels and some very big

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<v Speaker 1>ones around the country the world. Yeah, well, it's an

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<v Speaker 1>interesting challenge for us as a company that has a

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<v Speaker 1>lot of different hotels and specifically have unique style and

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<v Speaker 1>design to each one. What is a brand and we

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<v Speaker 1>want people to be aware of us as a brand

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<v Speaker 1>and then you can access us throughout the country. And

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<v Speaker 1>we're continuing to grow very quickly right now. So um,

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<v Speaker 1>we've been working very hard on on our marketing and

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<v Speaker 1>one of the things that we're doing is put in

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<v Speaker 1>the Kimpton name. So when you notice the Morrison House hotel,

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<v Speaker 1>it's the Kimpton Morrison House now and that's a way

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<v Speaker 1>for us to kind of help associate for people that,

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<v Speaker 1>um it's part of the Kimpton chain that they know

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<v Speaker 1>and love from different hotels and restaurants the experience around

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<v Speaker 1>the country. Like to get your thoughts on Airbnb? What

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<v Speaker 1>is that? What? What does that mean in the hospitality

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<v Speaker 1>industry these days? When you when you hear that from

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<v Speaker 1>your colleagues, from from other people in the business, what's

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<v Speaker 1>the feeling. It's usually followed by a word I can't

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<v Speaker 1>say on the radio, but al right, yah know, Airbnb

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<v Speaker 1>is it's been a big change for our industry over

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<v Speaker 1>the last few years. And obviously it's growing very quickly. Um.

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<v Speaker 1>And you know it's part of the shared economy, that's

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<v Speaker 1>that's uh that it's been a big growth in the

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<v Speaker 1>well we guess you say, like last five or tenure

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<v Speaker 1>your guests use Uber when they come and go from

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<v Speaker 1>here or yeah, definitely, definitely for sure. Yeah, so um Airbnb.

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<v Speaker 1>You know, it's hard to get statistics on air They

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<v Speaker 1>don't they don't give a lot of information. But some

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<v Speaker 1>of the studies that I've seen show that it's really

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<v Speaker 1>more equal to a limited service hotel, so uh not

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<v Speaker 1>in those rates typically that I quoted you for the

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<v Speaker 1>Morrison House or typical that the that the Kimpton hotels

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<v Speaker 1>would charge. Um. And you know, obviously there's different parts

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<v Speaker 1>of the country where it's more popular than others. In

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<v Speaker 1>New York City. Obviously it's very big and there's a

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<v Speaker 1>great demand for it there um, but it's certainly something

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<v Speaker 1>that we pay post Kempton. All right, well, Maco about

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<v Speaker 1>Thank you so very much for joining us as we

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<v Speaker 1>kick off our live broadcast here at the Kimpton Morrison

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<v Speaker 1>House Hotel and Alexandria, Virginia. He's airy director of operations

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<v Speaker 1>or the company. This is Woomberg Radio, coming up on

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<v Speaker 1>taking stock. As brick and mortar retailers fight off the

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<v Speaker 1>online e commerce world, how can you invest? We'll talk

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<v Speaker 1>to someone creating a new et F