WEBVTT - High Level Hospitality

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic on Bloomberg Radio. Back in May,

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<v Speaker 1>Business Week Pursuits Travel editor Nicki Eckstein had a story

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<v Speaker 1>that mentioned Virtue. Oh, so it's a global consortion for

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<v Speaker 1>luxury travel specialists and have they were seeing a fifty

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<v Speaker 1>percent increase from a year earlier in the number of

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<v Speaker 1>people seeking its services. People, Tim wanted to travel and

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<v Speaker 1>they wanted help in doing so. Yeah, it's not just us.

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<v Speaker 1>We're ready to get out there. Take me away, Take

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<v Speaker 1>me away, as long as our plane does in our

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<v Speaker 1>flight doesn't get canceled. Right. Alan Firstman is the founder,

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<v Speaker 1>chairman and CEO of Montage International. They've got properties all

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<v Speaker 1>over and they're in the Bahamas, Laguna Beach, California, Deer

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<v Speaker 1>Valley that's in Utah, Los Cabos, Mexico, and more. Alan

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<v Speaker 1>Firstman joins us via zoom from Orange County, California. Allen,

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<v Speaker 1>good to have you with us. How are you. I'm great, Tim, Thanks,

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<v Speaker 1>it's a pleasure to be with you. Well, it's good

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<v Speaker 1>to have you back with us. I We were reminded

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<v Speaker 1>by producer Paul Brennan and my colleague Carol that you were.

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<v Speaker 1>You were on with us years ago before the pandemic.

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<v Speaker 1>It was before I even was doing this, and we

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<v Speaker 1>just wanted had an update on what the last two

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<v Speaker 1>and a half years have been like for you. Been well.

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<v Speaker 1>FROST has been very exciting times. Obviously, COVID was traumatic UM,

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<v Speaker 1>but we once once the vaccines UM we're prevalent. We

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<v Speaker 1>saw a return to business levels and the last two

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<v Speaker 1>years have been UM exceptionally strong for our company, with

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<v Speaker 1>domestic resourts, luxury resorts, and the inability to travel to

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<v Speaker 1>some of the global destinations. UM many the luxury consumers

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<v Speaker 1>discovered us and we've seen just a tremendous increase in

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<v Speaker 1>business and we've been particularly busy opening new hotels and resourts.

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<v Speaker 1>Over an eighteen month period in the last couple of years,

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<v Speaker 1>we opened six new hotels, both Montage and Pendry's. Wow. Wait,

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<v Speaker 1>so take me back there from moment all and before

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<v Speaker 1>we move on, so did you guys just did you

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<v Speaker 1>have to shut down completely just because there was no

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<v Speaker 1>travel happening for for for the first few months, UM

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<v Speaker 1>virtually shutdown. There was some hotels, we had a residential

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<v Speaker 1>component that we would operate UM barely UM. But it

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<v Speaker 1>came to a to a stunning halt in in the

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<v Speaker 1>in the early stages of COVID. Okay, and then it

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<v Speaker 1>started to come back, certainly as vaccines came down. Because

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<v Speaker 1>what's interesting is, I remember, you know, talking about everything

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<v Speaker 1>shutting down. Then there were people who realized, Okay, I

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<v Speaker 1>can't go back to the office for a while, I

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<v Speaker 1>can work from anywhere in the world. Did you see

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<v Speaker 1>any indications of that where people were like, well, if

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<v Speaker 1>I'm going to be home, why didn't I go live

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<v Speaker 1>somewhere else that's a lot prettier and nicer and maybe

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<v Speaker 1>has an ocean view and I can work from there.

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<v Speaker 1>Did any of that play out for you guys. Absolutely?

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<v Speaker 1>And then we leaned into it and offered UM schooling

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<v Speaker 1>for the kids that we're doing remote learning. You could

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<v Speaker 1>be on vacation at Montage Palmental Bluff and we would

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<v Speaker 1>set up UH mostly tutored, monitored study room for for

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<v Speaker 1>kids to do their schooling. And you can combine vacation

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<v Speaker 1>and and UM and either school work or work. And

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<v Speaker 1>that's one of the things we're seeing in our industry

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<v Speaker 1>with untethered working, so to speak. So you could um

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<v Speaker 1>take a Monday or Friday or even midweek and and

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<v Speaker 1>be productive and from from from a hotel suite or

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<v Speaker 1>a room and um enjoy the best of both worlds.

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<v Speaker 1>And I think that I think COVID accelerated people feeling

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<v Speaker 1>comfortable doing that. Okay, so bring us up to speed

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<v Speaker 1>now on on where you are. Because at the same time,

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<v Speaker 1>with the hike and with the you know, increasing demand

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<v Speaker 1>that we've been seeing when people wanted to get back out,

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<v Speaker 1>at the same time, it's been tough for companies like

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<v Speaker 1>yours to to find talent, to find the people to

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<v Speaker 1>actually help staff these hotels these properties. Give us an

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<v Speaker 1>update there. Yeah, Well, staffing has been from an industry perspective,

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<v Speaker 1>the biggest challenge we've been But but it's it's it's

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<v Speaker 1>not a um one size fits all problem. Some markets

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<v Speaker 1>rebounded much more quickly than others. For example of going

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<v Speaker 1>to Beach or our montharger is fully staff been so

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<v Speaker 1>for a while now, um, it's it's it's it's it's

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<v Speaker 1>a stronger labor labor market. But the emphasis on hiring, retaining, recruiting, training,

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<v Speaker 1>and the creativity to to get the best talent has

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<v Speaker 1>never been more important. And UM assisting in finding housing

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<v Speaker 1>and relocating people to different markets to help support those

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<v Speaker 1>markets where you don't have folks UM has become a

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<v Speaker 1>keen focus for for for our industry. Hey, listen, just

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<v Speaker 1>got about thirty seconds and then we're gonna take a

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<v Speaker 1>break and come back and talk some more. But in

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<v Speaker 1>thirty seconds, are you paying? Are you having to continue

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<v Speaker 1>to pay though a lot more for those workers? Wages

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<v Speaker 1>have gone up? Um? UM that that was a reality

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<v Speaker 1>of of supplying demand and and and but not not

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<v Speaker 1>nothing that um that we did we didn't expect actually

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<v Speaker 1>and that UM and you'd seen it actually in room rates,

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<v Speaker 1>it's been it's so much that's been passed on obviously

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<v Speaker 1>to to our guests. UM. But we've been UM. We've

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<v Speaker 1>adjusted rates and incentives and then whatever we can to

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<v Speaker 1>to stay fully staffed. All right, Well, listen, we're going

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<v Speaker 1>to continue to talk about this because I'm also curious

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<v Speaker 1>about some other inflationary pressures that you might be dealing with.

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<v Speaker 1>And then I want to take us around the globe

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<v Speaker 1>and tell us where we can go visit a montage

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<v Speaker 1>residents or you know, take a vacation we're gonna come

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<v Speaker 1>back with Alan Firstman, founder and CEO at Montage Internationally.

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<v Speaker 1>He's joining us via zoom from California. Will continue in

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<v Speaker 1>just a moment. So we want to get back to

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<v Speaker 1>our guest still with us as Alan Firstman, founder and

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<v Speaker 1>c at Montage International luxury hospitality management company. He's still

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<v Speaker 1>with us via zoom from Orange County, California. So, UM, Allen,

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<v Speaker 1>let's talk about Uh, we were talking. Let's just finish up.

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<v Speaker 1>I kind of where we were before when we talked

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<v Speaker 1>a bit about inflationary pressures. You talked about wages have

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<v Speaker 1>definitely come up. Are there other inflationary pressures that are

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<v Speaker 1>packing you guys as well? And I think about food transportation?

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<v Speaker 1>What else is across the board? The supply chain issues

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<v Speaker 1>read havoc on the construction we were doing and building

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<v Speaker 1>our newer hotels and also getting products. So um, it's

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<v Speaker 1>created pressure on pricing on virtually everything we buy. UM.

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<v Speaker 1>And that's UM, that's been the reality we we we've

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<v Speaker 1>dealt with over the past six eight months. How have

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<v Speaker 1>you passed along these prices? To guess at this point

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<v Speaker 1>how much have you had to raise prices since pre

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<v Speaker 1>pandemic there's been there's been price increases. We've been we've

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<v Speaker 1>been the leader in we've been the rate leader in

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<v Speaker 1>the markets that we perform. But but for for us,

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<v Speaker 1>it's also about what kind of value are you adding?

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<v Speaker 1>So our focus needs to be not just on pricing increasing,

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<v Speaker 1>but what other what other value things can do? For example,

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<v Speaker 1>UM Montage are gonna beach where I'm sitting today, We've

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<v Speaker 1>added new amenities and services that that we didn't have before,

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<v Speaker 1>entertainment at the pool seven days a week, and a

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<v Speaker 1>virtuality experience, and some other things to help make it

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<v Speaker 1>a value proposition not just a price proposition. So tell

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<v Speaker 1>us about how it all works. Do you do you

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<v Speaker 1>actually own all the properties UM? Are you just you know,

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<v Speaker 1>overseeing them? How does it work? We're hotel management company,

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<v Speaker 1>not like four Seasons with Carlton Marriott UM, so we

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<v Speaker 1>we manage UM luxury properties. Often will take the lead

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<v Speaker 1>role in UM finding new opportunities and work with hotel

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<v Speaker 1>developers and owners UM and then we provide the brand

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<v Speaker 1>standards and the and the creative energy to to continue

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<v Speaker 1>to put forward great Montage and Penry hotels. Where are

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<v Speaker 1>you seeing the opportunities right now? For expansion for growth. Well,

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<v Speaker 1>we're seeing it um resort destinations, which have always been

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<v Speaker 1>a strong suit for Montage, and we're seeing great urban

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<v Speaker 1>opportunities for Pendry and there'll be some for Montage as well,

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<v Speaker 1>major gateway cities. There's great interest internationally when we open

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<v Speaker 1>our hotel in New York City are Pendry UH Manhattan

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<v Speaker 1>West UH. It has been incredibly well received and of

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<v Speaker 1>course that's that's given us great visibility. In fact, it's

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<v Speaker 1>the number one hotel in New York on trip Advisor

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<v Speaker 1>right now, and we've had just incredible support and it's

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<v Speaker 1>created even greater interest UM for hotel developers owners as

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<v Speaker 1>they looked to build new iconic hotels. Well, I do

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<v Speaker 1>wonder Allen. You know, you guys played definitely into the

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<v Speaker 1>high end, and I wonder about you know, how much

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<v Speaker 1>you think or see your consumer UH is pretty resilient

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<v Speaker 1>to the economy. Because we are talking so much here

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<v Speaker 1>at Bloomberg right about what's going on questions. I think

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<v Speaker 1>one of the latest stories in the Bloomberg about chance

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<v Speaker 1>of a recession UH in the in the making. So

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<v Speaker 1>is that something that you have to be really that

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<v Speaker 1>concerned about? Is your consumer? They can deal with it,

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<v Speaker 1>they can deal with it better. Um. But what we

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<v Speaker 1>deal with recessions, we you know, in you know, oh

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<v Speaker 1>nine tend you know, um, we felt it as well. UM.

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<v Speaker 1>But luxury tends to tends to bounce back, so quicker,

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<v Speaker 1>a little more resilient. Um. But um, And there's there's

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<v Speaker 1>there's a reduction in spending even at the ultra high

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<v Speaker 1>end in in in a in a recession. But we

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<v Speaker 1>are much more insulated than than um different products. You know.

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<v Speaker 1>I was thinking, Carolin, I've been talking a lot about

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<v Speaker 1>I know is miserable right now, and flights are miserable

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<v Speaker 1>if you have to fly commercial, which most people do

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<v Speaker 1>of course. So Alan, I'm I'm wondering if you're seeing

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<v Speaker 1>if that concerns you at all, that it's just so

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<v Speaker 1>difficult for families to get to these places in some

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<v Speaker 1>cases that they're saying, you know what, we're just not

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<v Speaker 1>gonna go, We're gonna drive somewhere because it's not worth

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<v Speaker 1>the hassle. Is that concerning you? It does? But in fact,

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<v Speaker 1>we've I think been somewhat of a beneficiary of that

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<v Speaker 1>because the locations where our hotels and resorts are UM

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<v Speaker 1>haven't had the same level of challenges that some of

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<v Speaker 1>the other markets. I mean, try going to Europe today

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<v Speaker 1>and watching the news and seeing what's happening. You know,

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<v Speaker 1>where's your luggage going, and what kind of lines and

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<v Speaker 1>what kind of problems are gonna face. I think that

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<v Speaker 1>actually is driving greater interest in North American travel and

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<v Speaker 1>resources some and we have some great drive to destinations also,

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<v Speaker 1>which completely removes the hassle of air travel. For now,

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<v Speaker 1>we'll tell us about kind of some of the destinations,

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<v Speaker 1>and it is interesting and I'm curious. Is it people

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<v Speaker 1>who just want to come and stay for a week

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<v Speaker 1>or two or is it people who actually want to

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<v Speaker 1>live and maybe make a purchase of some sort. You

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<v Speaker 1>get a combination of both. Often it starts with a

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<v Speaker 1>weekends stay or or a week or two visit, and

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<v Speaker 1>then it transforms itself into acquiring acquiring a home. We

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<v Speaker 1>have read everyone of our Montage hotels and and most

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<v Speaker 1>of our pendryes, we have a residential component where you

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<v Speaker 1>can um live what you've just experienced. So UM, being

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<v Speaker 1>able to experience a Montage hotel and then be able

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<v Speaker 1>to live it is a dream for many UM and

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<v Speaker 1>we the kind of locations were in our our our

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<v Speaker 1>ideal for primary or secondary residences. Well, and I wanted

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<v Speaker 1>to just talk prices because I'm looking at one overlooking

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<v Speaker 1>the azure waters of Santa Maria Bay. I can go

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<v Speaker 1>for that about three and a half million starting at

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<v Speaker 1>So give me an idea of the range of pricing

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<v Speaker 1>and who ultimately does the buyers at US buyers is

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<v Speaker 1>that European buyers. Give me an idea. We have international buyers,

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<v Speaker 1>but the predominantly a North American US buyer um and

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<v Speaker 1>across the portfolio, our homes range from three million and

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<v Speaker 1>thirty million dollars. It's a it's it's, it's it's it's

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<v Speaker 1>a broad range, but it's some of the most uh

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<v Speaker 1>the most um highest priced reels state UM and and

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<v Speaker 1>in our brand and the experience that we're selling helps

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<v Speaker 1>drive huge premiums. Like I'm looking at the website, there's

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<v Speaker 1>stuff sold out to him. Are they doing? Are do

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<v Speaker 1>you doing any fractional alan? Do you see a opportunity there?

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<v Speaker 1>We are We're introducing our first fractional opportunity up in

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<v Speaker 1>our big sky Montana project there where we're we've sold

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<v Speaker 1>out of our um whole ownership that we had in

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<v Speaker 1>the building and UM we're doing some more cottages. We're

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<v Speaker 1>also building another UM another tower that that will connect

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<v Speaker 1>to Montage Big Sky that will have UM fractional product

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<v Speaker 1>in it as well, so it will broad in the

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<v Speaker 1>buyer base and more and meet another need more summer

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<v Speaker 1>or winter demand for Big Sky. Do you think or

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<v Speaker 1>is it equal? Equal? It's pretty, it's amazing, pretty equal.

0:12:55.440 --> 0:12:58.520
<v Speaker 1>Big Sky is the is less than an hour from

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<v Speaker 1>the entrance of West Yellowstone and so we have we're

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<v Speaker 1>the beneficiary. You want to go see Old Faithful, We're

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<v Speaker 1>actually the best place to to go. So we have

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<v Speaker 1>the benefit incredible skiing, ski and ski out. And then

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<v Speaker 1>in the summer we have a golf course right right

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<v Speaker 1>at our front door, and we have let's go, you know,

0:13:16.760 --> 0:13:20.600
<v Speaker 1>fly fishing summer winter. I see a remote broadcast in

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<v Speaker 1>our future at a Montage. Let's work on that. Allen,

0:13:25.360 --> 0:13:27.360
<v Speaker 1>all right, have a good weekend. Great to check in

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<v Speaker 1>with you. Alan Firstman, founder and at Montage International. Joining

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<v Speaker 1>us via zoom from Orange Country at Orange County, California,