WEBVTT - Michelin Keys Awarded to US Hotels

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This is Bloomberg Business Week with Carol Messer and Tim

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<v Speaker 2>Stenebek on Bloomberg Radio. You might remember our recent weekend

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<v Speaker 2>show and podcasts. We talked about some big news in

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<v Speaker 2>the member. But I loved it. I'm not talking to you, okay.

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<v Speaker 2>Michelin is capitalizing on its renowned as an arbiter of

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<v Speaker 2>fine dining through its annual Star awards for restaurants. Remember

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<v Speaker 2>those max out at three stars. What they're doing is

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<v Speaker 2>they're making further inroads into the hospitality sector. So Carol,

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<v Speaker 2>to that end, The Michelin Guide this month awarded its

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<v Speaker 2>first honors for hotels, giving just twenty four establishments in

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<v Speaker 2>France the highest three keys rating. So instead of thinking

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<v Speaker 2>about stars for restaurants, think keys for hotels.

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<v Speaker 1>Makes sense.

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<v Speaker 2>And now these keys are coming to the US.

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<v Speaker 1>We've got a great guest with us. Grendel Paulinek is

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<v Speaker 1>the CEO of the Michelin Guide. He joins us here

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<v Speaker 1>in our Bloomberg Interactive Broker studio. First of all, is

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<v Speaker 1>it Michelin or Michelin? How are you supposed to say it?

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<v Speaker 3>In France we say Michelan.

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<v Speaker 1>Michel Okay sold it's just so funny, like when you

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<v Speaker 1>talk about the new Yroom. First of all, welcome, so

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<v Speaker 1>nice to have you here with us. You know, it's

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<v Speaker 1>interesting to see how you guys have done. Is that

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<v Speaker 1>a pivot because you're still doing restaurants, but talk to

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<v Speaker 1>us about what you're thinking was of expanding into the

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<v Speaker 1>hospitality further into the hospitality industry.

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<v Speaker 3>Member for sure, and what people know of obviously of

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<v Speaker 3>the famous Michion stars highlighting the best restaurants in the world,

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<v Speaker 3>as well as famously unanimous inspectors. But what people don't

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<v Speaker 3>know is that Mission has been rating restaurants for the

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<v Speaker 3>beginning of the last century, because first it was both

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<v Speaker 3>an hotel and restaurant guide and we are really back

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<v Speaker 3>in this industry with recommend selection and recommendation of the

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<v Speaker 3>best hotel in the world. Two weeks ago we revealed

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<v Speaker 3>the first distinctions with the Hotel Keys in France because

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<v Speaker 3>it's obviously the first in the world.

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<v Speaker 1>So we talked about for our weekend broadcast. Yeah, as

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<v Speaker 1>courtesy of our Pursuits team who covered it. It was great.

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<v Speaker 3>Yeah, and yesterday, because the US is the main tourism

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<v Speaker 3>market as a destination, but also because American people are

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<v Speaker 3>traveling the world, we decided to disclose the first keys

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<v Speaker 3>for the US. So one hundred and twenty four properties

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<v Speaker 3>I've been awarded with one, two or three keys, and

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<v Speaker 3>eleven with at a three key level.

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<v Speaker 2>Okay, take a step back and just you know, the

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<v Speaker 2>history of the Michelin Guide has been one of there's

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<v Speaker 2>this like lore when you talk about the history of

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<v Speaker 2>it and the idea that the whole motivation for creating

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<v Speaker 2>this guide was to get people to travel to restaurants

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<v Speaker 2>more so they could sell Michelin could sell more.

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<v Speaker 3>Tires and absolutely and today the mission God is still

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<v Speaker 3>part of the Cork Michelin and the original idea was

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<v Speaker 3>just to lead people to travel more to help the

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<v Speaker 3>motor is fine that way, and to find the best

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<v Speaker 3>places to stay and to eat.

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<v Speaker 2>Is that philosophy still say?

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<v Speaker 3>I think the philosophy is still the same, and also

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<v Speaker 3>the value because what it's called for the Mission Guard

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<v Speaker 3>is independence. We have a team of professional inspectors so

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<v Speaker 3>working full time for Micheland it's great and selecting restaurants

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<v Speaker 3>and hotel paying their bill in full to make sure

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<v Speaker 3>that we share the most trustworthy reliable and up to

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<v Speaker 3>date information to the footage and travelers.

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<v Speaker 2>So you can get a job. Just go into restaurants

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<v Speaker 2>and hotels, sign me yeah to report on this.

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<v Speaker 1>Yeah, we have actually some new Desert Kid creator. It

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<v Speaker 1>goes to restaurants. Having said that, do you feel like

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<v Speaker 1>we've got about thirty forty seconds and then we've got

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<v Speaker 1>to do some news and we'll come back and talk more.

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<v Speaker 1>But do you feel like it's almost a sweet spot

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<v Speaker 1>in terms of what's going on in hospitality because it

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<v Speaker 1>does feel like what people might cut back. It just

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<v Speaker 1>feels like everybody is out there traveling, and especially Americans,

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<v Speaker 1>but in general, yes.

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<v Speaker 3>And definitely we feel that there is a need because

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<v Speaker 3>there is basically too much information today in the travel industry,

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<v Speaker 3>so people need an advice to make up that choice.

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<v Speaker 3>And michelin is is really a selection so to ease

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<v Speaker 3>your life and also to be a n antidote to

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<v Speaker 3>boring travel, because we are recommending places that have truly

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<v Speaker 3>that are truly authentic, you know, that have a superanre

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<v Speaker 3>done so that have something as specific to offer to

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<v Speaker 3>ensure a memorable experience.

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<v Speaker 1>Well, that's what we want to get into when we

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<v Speaker 1>come back on the other side, like what is it

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<v Speaker 1>that gives someone you know, three keys, two keys, one key,

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<v Speaker 1>same things with the starts, like how you how you

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<v Speaker 1>recreate it, and how you decide where you're going to go.

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<v Speaker 1>Because there's so much out there. We're going to come

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<v Speaker 1>back with Grendel Paul Neck. He is of course the

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<v Speaker 1>international director of Michelin the Guide, joining us. Actually he

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<v Speaker 1>is the CEO forgive me of the Michelin Guide and

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<v Speaker 1>joining us here in our studio. Gwendel Paul Neck is

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<v Speaker 1>with the CEO of the Michelin Guide. Back here still

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<v Speaker 1>with us in our studio. We were kind of talking

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<v Speaker 1>off air. John was part of this too and talking

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<v Speaker 1>about first of all, how somebody becomes an inspector in

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<v Speaker 1>terms of really for the restaurants. It's rigorous. Talk to

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<v Speaker 1>us about that.

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<v Speaker 3>Well, let's say last year I received more than eight

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<v Speaker 3>thousand applications to be an inspectors. People say, don't realize

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<v Speaker 3>that it's a full time job, so that we only

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<v Speaker 3>recruit people that have a formal training in the industry

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<v Speaker 3>hospitality or resurance back off house, front of house. Then

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<v Speaker 3>there have been working in a resturance or in a

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<v Speaker 3>hotel and then we have a training process about two

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<v Speaker 3>three years with more senior inspectors on the field. And

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<v Speaker 3>as an inspector you have to eat out lunch and

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<v Speaker 3>dinner about three hundred times a year.

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<v Speaker 1>Me.

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<v Speaker 2>I know, look at it sounds great, but it's a lot.

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<v Speaker 2>It's a lot of.

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<v Speaker 1>Food, and you're not around in the evenings.

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<v Speaker 3>Yeah, it's a lot, of course, But what is important

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<v Speaker 3>is they have to remain anonymous also just to ensure

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<v Speaker 3>they have a regular customer experience, because we work for

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<v Speaker 3>the customers, so they pay the bill in full as well.

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<v Speaker 2>Eight thousand applications for how many spots?

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<v Speaker 3>So today we rec men worldwide sixteen thousand raturans, six

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<v Speaker 3>thousand hotels. But there are also a lot of rations

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<v Speaker 3>and hotels to visit without retaining them as part of

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<v Speaker 3>all selections. So there is plenty of raturans and hotels

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<v Speaker 3>to visit. But I won't share the number of inspectors

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<v Speaker 3>working for me.

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<v Speaker 1>Okay, well how many they are called inspectors.

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<v Speaker 2>I want to get an idea undercover of the rate

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<v Speaker 2>of acceptance. So if you have eight thousand applicants, like,

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<v Speaker 2>are they only.

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<v Speaker 1>Like getting it hard?

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<v Speaker 3>Only very few?

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<v Speaker 2>And are we talking like a dozen. I'm not.

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<v Speaker 3>What I can tell you because today we are covering

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<v Speaker 3>the world and we have Russian selection in more than

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<v Speaker 3>fifty different countries, that we have the more than twenty

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<v Speaker 3>different nationals of inspectors men and women. And what is

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<v Speaker 3>important also is to be able to have a proper

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<v Speaker 3>understanding of all the hospitality and food culture of the world, because,

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<v Speaker 3>for example, inspectors bathed in the US, they also contribute

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<v Speaker 3>to the selection in France, in Europe or in Asia

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<v Speaker 3>as well as we have European or Japanese inspector coming

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<v Speaker 3>to the US to contribute to the selection.

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<v Speaker 1>You definitely obviously have standards. I get it, and you're

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<v Speaker 1>being very you know, you're very secretive because you want

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<v Speaker 1>to make sure that what is reported is just very

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<v Speaker 1>true and accurate. And I'm curious. Then, as a result,

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<v Speaker 1>is there a cap on the number of guides of

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<v Speaker 1>places you would put out because you are expanding a lot,

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<v Speaker 1>so do you to make sure that you are getting

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<v Speaker 1>it right? Is there a cap?

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<v Speaker 3>No, we are very consistent with the approach as well

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<v Speaker 3>as the value, so we have a no quota approach,

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<v Speaker 3>so we recognize the quality where it is and whatever

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<v Speaker 3>the style of the cooking, whatever the style of the place.

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<v Speaker 3>So it's really the depending on what the destination has

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<v Speaker 3>to offer and what can be sayd is you know

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<v Speaker 3>the Qulian every scene of the world as well as

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<v Speaker 3>the hospitality offer is really booming in terms of quality

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<v Speaker 3>and diversity.

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<v Speaker 2>Is there any chance that expanding can dilute the brand?

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<v Speaker 2>Are you concerned about that?

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<v Speaker 3>I would on the contrary, because one of the strengths

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<v Speaker 3>of the Mission Guide is first that it is the

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<v Speaker 3>reference for the local people and got Japanese people will

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<v Speaker 3>consider the Mission Guide as the ultimate reference for Japanese food,

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<v Speaker 3>the French as the ultimate resturance for French food, whether

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<v Speaker 3>creative or traditional. So we have the local reference and

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<v Speaker 3>that's the reason why the international travelers that trust the

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<v Speaker 3>Mission Guide because they will have access thanks to the

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<v Speaker 3>recommendation of the Mission Guide to an authentic local experience.

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<v Speaker 1>Like I think people would be surprised that you guys

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<v Speaker 1>are in Colorado? Right? You launched is it last year?

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<v Speaker 3>Will launch it the last year?

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<v Speaker 1>Last year?

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<v Speaker 3>Okay? So today, yes, we are covering I would say

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<v Speaker 3>only seven men destinations in the US with all Russian selection,

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<v Speaker 3>but definitely the plan is to cover the US as

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<v Speaker 3>a whole, and to be able beyond the US to

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<v Speaker 3>recognize all the culinary culture and the hospitality culture of

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<v Speaker 3>the world.

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<v Speaker 1>So even if it's a place like Colorado where there's

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<v Speaker 1>only maybe a handful of places that actually got to

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<v Speaker 1>start from you guys, that's that's okay, that's that's valuable

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<v Speaker 1>to you.

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<v Speaker 3>Yeah, But the point is, you know, more than ever

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<v Speaker 3>there are great places to recognize everywhere.

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<v Speaker 2>Yeah.

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<v Speaker 3>So because we don't come provide on the value of

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<v Speaker 3>the ratings and we need the resources to make it,

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<v Speaker 3>we are expanding gradually, fast, but gradually. And the plan

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<v Speaker 3>remains the same. It's in the years to come to

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<v Speaker 3>be able to cover the US as a whole, to

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<v Speaker 3>make sure that we left no stone on turn.

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<v Speaker 2>So on that how do you choose the cities that

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<v Speaker 2>you're expanding to and when do you expand to them?

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<v Speaker 2>And talk about detailed deals that you guys have with

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<v Speaker 2>local tourism agencies now.

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<v Speaker 3>But first of all, it's always the missing decision first

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<v Speaker 3>based on the culinary potential, Okay, so we will in

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<v Speaker 3>all priority. Of course, we take into account also whether

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<v Speaker 3>it's a tourism hotspots as well, and what's the value

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<v Speaker 3>of the Mission Guide, because I think your question is

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<v Speaker 3>related to the to the business model is let's say,

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<v Speaker 3>or qualify audience. Okay, so discerning foodies and travelers and

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<v Speaker 3>basically for the for the guide, we have the revenues

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<v Speaker 3>from rations, booking from hotel and bookings of course, and

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<v Speaker 3>we have also partnerships with you know, brands, fashion, food

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<v Speaker 3>and beverage that are willing to be exposed to our

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<v Speaker 3>discerning tourism agencies and tourism agencies or governments that are

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<v Speaker 3>willing to leverage on the Mission Guide as a platform

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<v Speaker 3>to promote their destinations.

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<v Speaker 1>But you're not going to do it if you don't

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<v Speaker 1>like the place.

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<v Speaker 3>Obviously, you know, we have a lot of demand to

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<v Speaker 3>expand today. We have to manage expectations because inspectors are

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<v Speaker 3>scarce resources. We need to hire them, we need to

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<v Speaker 3>train them, so we expand only when there is a

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<v Speaker 3>very mature culinary potential.

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<v Speaker 2>Is the micheline guy profitable on its own?

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<v Speaker 3>On its own, it's really sustainable. But I won't be

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<v Speaker 3>able to share the detail of the results because it's

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<v Speaker 3>Michelin as a group, don't share the details of the

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<v Speaker 3>different business lines results.

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<v Speaker 1>I want to know what an inspector makes.

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<v Speaker 2>It doesn't an inspector. You know, what an inspector doesn't

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<v Speaker 2>mean doesn't food for themselves as an inspectors eating every meal.

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<v Speaker 3>But is that a good point? You know, today sometimes

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<v Speaker 3>it's quite a challenge to get access to some of

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<v Speaker 3>the retaurants that are almosto A good so there are

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<v Speaker 3>nobody and they have to to blend in the crowd.

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<v Speaker 3>So we do not have VIP treatments, so we have

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<v Speaker 3>to queue.

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<v Speaker 2>We have to make sure that we.

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<v Speaker 3>Are pushing the doors. But we also have to change

0:11:49.640 --> 0:11:51.800
<v Speaker 3>the fond numbers and the credit cut numbers to make

0:11:51.840 --> 0:11:53.360
<v Speaker 3>sure that we remain unanimous.

0:11:53.880 --> 0:11:55.679
<v Speaker 2>How many times does an inspector have to eat at

0:11:55.679 --> 0:11:58.000
<v Speaker 2>a restaurant to make a determination?

0:11:58.320 --> 0:12:01.840
<v Speaker 3>So one of the rules is that the same inspectors,

0:12:01.880 --> 0:12:05.200
<v Speaker 3>it's never going back twice to the same reference and

0:12:05.360 --> 0:12:09.640
<v Speaker 3>stayed another inspector or several inspectors. We come again and again,

0:12:09.720 --> 0:12:13.200
<v Speaker 3>but then it's up to them to decide how many

0:12:13.200 --> 0:12:15.320
<v Speaker 3>times they have to come back. You know, it's depending

0:12:15.320 --> 0:12:18.480
<v Speaker 3>on the instancy of the food offer. And it's the

0:12:18.520 --> 0:12:21.280
<v Speaker 3>same for the hotel. You know, we come as often

0:12:21.640 --> 0:12:25.440
<v Speaker 3>as necessary, but it's truly a human approach. It's not

0:12:25.480 --> 0:12:29.880
<v Speaker 3>an algorithm. It's about leaving the experience yourself.

0:12:30.280 --> 0:12:32.400
<v Speaker 2>How many stars do you think he's going to give

0:12:32.480 --> 0:12:33.000
<v Speaker 2>us after this?

0:12:33.960 --> 0:12:37.199
<v Speaker 1>I'm a little afraid, but I know of you give us.

0:12:38.360 --> 0:12:39.440
<v Speaker 1>How many stories would.

0:12:39.240 --> 0:12:39.760
<v Speaker 2>You give us?

0:12:41.440 --> 0:12:45.840
<v Speaker 3>Or at least three? For the smile, This has been.

0:12:45.720 --> 0:12:48.240
<v Speaker 1>So cool and so interesting. Promise you'll come back as

0:12:48.240 --> 0:12:50.720
<v Speaker 1>you guys continue to expand the brand.

0:12:50.760 --> 0:12:55.960
<v Speaker 2>And yeah, next time in disguise though mercytus lovely.

0:12:56.240 --> 0:12:58.959
<v Speaker 1>Thank you so much. Grendel. Paulinaki is the CEO at

0:12:58.800 --> 0:13:01.000
<v Speaker 1>the Michelin Guid joining us here in our studio. I

0:13:01.040 --> 0:13:03.120
<v Speaker 1>want to go travel makes.

0:13:02.920 --> 0:13:04.480
<v Speaker 2>Me want to go on vacation. Make someone to neet

0:13:04.520 --> 0:13:05.480
<v Speaker 2>some good food and restaurants.

0:13:05.520 --> 0:13:08.880
<v Speaker 1>I'm hungry. We're always hungry, all right. This is Bloomberg Radio.