KHP Capital Partners

What KHP Capital Partners does

KHP Capital Partners is a San Francisco-based real estate private equity firm focused exclusively on investments in lifestyle hotels. Founded in 2015 by Mike Depatie, Joe Long, and Ben Rowe following their tenure leading Kimpton Hotels & Restaurants, the firm assumed Kimpton's fund management business and has since deployed capital across seven fund vehicles. The firm employs 26 professionals across investment, asset management, development, construction, and administrative functions, and reports $3B in total asset value invested and committed across 58 investments and 9,200+ hotel rooms over a 20+ year track record.

The firm pursues three primary investment strategies — Operations Enhancement (undermanaged hotels in good physical condition), Renovation/Repositioning (undercapitalized hotels in desirable locations), and Adaptive Reuse (underutilized buildings convertible to hotel use) — alongside two secondary strategies of Preferred Equity/Debt and select New Development. Typical equity commitments range from $10M to $50M per deal, with assets acquired at 25-30% below replacement cost. The active portfolio includes Hotel Viking, Monaco Pittsburgh, The Darcy Hotel, Canary Hotel, Riverplace Inn, The Gray Hotel, Baker's Cay Resort, 1 Hotel Seattle, The Wilde, and Amara Resort.

KHP generates revenue through management fees on assets under management and carried interest on investment returns, the standard private equity fund structure. Capital is raised directly from institutional limited partners — pension funds, endowments, family offices — via relationship-based fundraising, supplemented by participation in hospitality industry forums (e.g., NYU International Hospitality Investment Forum) and a dedicated investor portal. The firm does not disclose technology as a value-creation driver; competitive advantage is grounded in operational expertise, asset management capabilities, and the team's deep hospitality track record.

Name

KHP Capital Partners

Legal name

KHP Capital Partners, LP

Website

https://khpcapitalpartners.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

KHP Capital Partners is a San Francisco-based real estate private equity firm focused exclusively on lifestyle hotel investments, managing $3B across seven funds with 58 investments via operations enhancement, renovation/repositioning, and adaptive reuse strategies.

Ownership category

akta.pro rank

Product category

Hospitality Real Estate Private Equity

NAICS

Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799)

akta.pro primary industry

Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)

Keywords

• Hotel private equity
• Real estate investment
• Lifestyle hotel investing
• Hospitality fund management
• Value-add acquisitions

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: KHP Capital Partners generates revenue through management fees charged on assets under management and carried interest (performance fees) on investment returns, typical of private equity fund structures. The firm manages capital on behalf of its Principals and Limited Partners.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

KHP Capital Partners is a real estate private equity firm that manages capital on behalf of its Principals and Limited Partners through multiple fund vehicles (Fund I through Fund VI), investing exclusively in lifestyle hotels. The firm pursues three core strategies—Operations Enhancement, Renovation/Repositioning, and Adaptive Reuse—alongside Preferred Equity/Debt and New Development, acquiring full-service hotels at typical equity commitments of $10-50M that benefit from enhanced branding, management, renovation, or conversion. Revenue is generated through fund management fees on assets under management and carried interest on investment returns.

Product overview

KHP Capital Partners is a real estate private equity firm focused exclusively on lifestyle hotels. The firm operates as a platform with three primary investment strategies (Operations Enhancement, Renovation/Repositioning, and Adaptive Reuse) and two secondary strategies (Preferred Equity/Debt and New Development), managing capital across multiple fund vehicles (KHP Fund I through Fund VI). The firm acquires full-service hotels that can benefit from enhanced branding and management, renovation and repositioning, and adaptive reuse of buildings suitable for conversion to hotel use. The portfolio includes owned/operated properties such as Hotel Viking, Monaco Pittsburgh, The Darcy Hotel, Canary Hotel, Riverplace, The Gray Hotel, Baker's Cay, 1 Hotel Seattle, The Wilde, and Amara.

Differentiator

Problem solved

Functional benefit

Products and services

• KHP Fund Management KHP Capital Partners manages capital on behalf of its Principals and Limited Partners through multiple private equity fund vehicles (Fund I through Fund VI), investing in lifestyle hotels to create long-term value through operational and physical transformation. Revenue is generated through management fees on assets under management and carried interest on investment returns.
• Operations Enhancement Strategy Investment strategy targeting undermanaged full-service lifestyle hotels in good physical condition that will benefit from KHP's rigorous approach to asset management, including potential changes to management and/or brand. Targets control-oriented equity investments typically between $10M and $50M.
• Renovation and Repositioning Strategy Investment strategy focused on acquiring undercapitalized full-service lifestyle hotels in desirable locations that are failing to perform to their full potential due to a combination of their physical state and brand affiliation. KHP deploys capital for renovation and repositioning to unlock value.
• Adaptive Reuse Strategy Investment strategy targeting underutilized buildings that are well located and suitable for conversion to hotels. These properties are often acquired with limited competition, well below replacement cost, and are frequently eligible for public incentives.
• Preferred Equity and Debt Investments Select preferred equity, mezzanine debt, or note purchases for high-quality lifestyle hotel assets within KHP's typical investment targets, where the firm's deep operational expertise makes it a preferred capital source for sponsors and operators.
• New Development Investments Select ground-up development projects where supply and demand fundamentals support new construction and land can be purchased at a favorable price with entitlements already in place.

Quantifiable outcome

• Hotels acquired at 25-30% below replacement cost
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered supporting.

• Chef Robert Andreozzi and Jesse HedbergsupportingStrategic or Co-development Partner · 13 May 2026KHP Capital Partners partnered with Chef Robert Andreozzi and Jesse Hedberg to lead the four new culinary concepts at the renovated Hotel Viking in Newport, representing a strategic investment in the hotel's repositioning and guest experience enhancement.
• GRESBsupportingOthersKHP Capital Partners is a contributing member of GRESB, following the organization's rigorous methodology and framework to measure and report on the environmental performance of their hotel assets using metrics aligned with the Sustainable Development Goals, Paris Climate Agreement, and major international reporting frameworks.
• American Hotel & Lodging Association (AHLA)supportingOthersKHP is a signatory to the American Hotel & Lodging Association's 5-Star Promise, a commitment to adopt and support policies and procedures that provide for a more inclusive industry and improve guest safety. This demonstrates the firm's commitment to industry standards and responsible business practices.

Scale indicators9 records

Recent moves1 record

Expansion highlights5 records

Direct peers

• Noble Investment Group: Hospitality-focused private equity firm that co-acquired a 10-property upscale hotel portfolio with KHP Capital Partners. Closest comparable in fund size, strategy focus on lifestyle/upper-upscale hotels, and recent $300M fund close, making it the most directly comparable peer.
• Pebblebrook Hotel Trust: REIT focused on urban and resort lifestyle hotels across major US markets. Direct peer in lifestyle hotel investing with similar target markets (DC, San Francisco, Boston, LA) and comparable property-by-property value-add underwriting approach.
• Sunstone Hotel Investors: Publicly traded REIT focused on upper-upscale and lifestyle hotels in gateway cities and resort markets. Comparable in hotel category focus and value-add renovation strategy, though structured as a perpetual REIT rather than a closed-end fund.
• Hersha Hospitality Trust: Boutique and lifestyle hotel REIT concentrated in gateway urban markets with a similar full-service and lifestyle hotel focus. Comparable in property category and asset size per acquisition as KHP's portfolio hotels.
• Highgate Hotels: Hospitality investment, management, and development firm operating a portfolio of hotels including lifestyle and boutique properties. Comparable as both an operator and investor in lifestyle hotels with vertically integrated capabilities similar to KHP's in-house asset management.

Broad incumbents

• Starwood Capital Group: Global private equity firm with substantial hospitality investment activity through Starwood Property Trust and direct hotel funds. Comparable as a hospitality-focused PE sponsor with lifestyle and luxury hotel exposure, but operates at significantly larger scale across broader real estate strategies.
• Blackstone Real Estate: Largest global real estate private equity platform with billions deployed across hospitality including extended-stay, lifestyle, and luxury hotel strategies. Relevant as a benchmark for institutional capital flows into hospitality and a competitive force in large-portfolio acquisitions.
• Brookfield Real Estate: Global real estate investor with a hospitality allocation across funds including lifestyle and resort assets. Comparable as a large-scale real estate PE investor in hospitality, though diversified across office, multifamily, and logistics rather than pure-play hotels.
• Host Hotels & Resorts: Largest US lodging REIT with a portfolio of luxury and upper-upscale hotels. Comparable as an institutional hospitality investor with renovation/return-on-investment programs, though focused on larger convention and resort assets rather than boutique lifestyle.
• Park Hotels & Resorts: Hotel REIT focused on upscale and upper-upscale assets in major US markets and leisure destinations. Comparable as a publicly traded hospitality real estate investor with portfolio-level asset management, though structured as a REIT rather than a private fund manager.

Market position

Strengths1 record

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/khp-capital-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KHP Capital Partners