Announced today, industry leading, equity based, luxury destination clubs, The Ritz-Carlton Destination Club and Abercrombie & Kent Residence Club, have forged a new exchange opportunity for the benefit of their Members. This strategic alliance presents Members of both Clubs an expanding universe of extraordinary destinations only these two renowned companies can provide. This affiliation marks a first for the destination club industry through The Lion & Crown Travel Co., LLC, the exclusive external exchange company for The Ritz-Carlton Destination Club.
The collaboration allows Ritz-Carlton Destination Club Members access to 17 Abercrombie & Kent Residence Club residences in North America’s finest beach, mountain and golf destinations including Scottsdale, Ariz.; Lake Tahoe, Calif.; Snowmass-Aspen, Colo.; Kiawah Island, S.C.; Punta Cana; Sun Valley, Idaho; Jackson Hole, Wyo.; Hawaii’s Big Island; Turks & Caicos; and Los Cabos, Punta Mita and Puerto Aventuras, Mexico. In return, Abercrombie & Kent Residence Club Members are able to convert their nights for use at 10 Ritz-Carlton Destination Club locations in Aspen Highlands, Bachelor Gulch and Vail*, Colo.; St. Thomas, U.S.V.I.; Jupiter, Fla.; San Francisco and North Lake Tahoe, Calif.; Kapalua Bay in Maui and Kauai Lagoons, Hawaii; and Abaco, The Bahamas.
“Beyond our exceptional Ritz-Carlton Destination Club properties, it is our mission to continually offer our discerning Members the finest partners and most exclusive vacation experiences,” said Peter J. Watzka, executive vice president and chief operating officer for The Ritz-Carlton Development Company, Inc. (an affiliate of The Ritz-Carlton Hotel Company, LLC). “We see this relationship as a tremendous first step in building a worldwide, branded network of exchange and travel services for the destination club segment.”
“Additionally, we see our alliance with Abercrombie & Kent Residence Club as a logical extension of the newly formed relationship between The Ritz-Carlton and Abercrombie & Kent brands announced with the launch of The Ritz-Carlton Rewards program last month,” continued Watzka.
“This exclusive relationship demonstrates our commitment to expand the range of destinations and luxury vacation experiences our members can enjoy around the world,” explains Abercrombie & Kent founder and executive chairman Geoffrey Kent. “Both clubs were founded on an equity model, a fundamentally more conservative choice than other clubs in the industry.”
Both Ritz-Carlton Destination Club and Abercrombie & Kent Residence Club Members benefit from coordination of everything from airport pick-up and pre-arrival provisioning of the residence, to arranging a seamless vacation experience. Ritz-Carlton Destination Club Members may also escape with Abercrombie & Kent on a variety of luxury and adventure travel experiences, discovering inspiring destinations that include Antarctica, China, India and the Galápagos Islands, at their most intimate and authentic. The Ritz-Carlton Destination Club Members can participate in this program in a variety of ways, including preferred access to Abercrombie & Kent tours on all seven continents; opportunities to participate in three exclusive trips created especially for The Ritz-Carlton Destination Club Members in 2011; and the option to utilize Abercrombie & Kent Private Travel to personalize itineraries through their Member Experience Advisor.
Visit: PrivateResidenceClubs.com
Wednesday, October 27, 2010
Wednesday, September 22, 2010
Trump SoHo Gets Financing Boost
Trump SoHo, the flashy downtown hotel-condo project that has struggled to sell units, announced Wednesday it has restructured its financing with iStar Financial in a deal that increases its loan by $20 million.
The deal gives the 391-unit development more breathing room as it tries to ride out a turbulent real-estate market that's been particularly hard on condo hotels. It shows that iStar, which already has lent more than $250 million to Trump SoHo, has faith in the project. But it's not clear whether it will be enough to restore the project to health.
The Trump SoHo developer, a venture of the Sapir Organization and Bayrock Group, also revealed new details of its plan with a California financial company to offer financing to potential buyers who can't get enough credit to purchase a unit.
Analysts say both measures are intended to inject some momentum into the condo sales process, which has been sluggish and has raised some concern about the long-term viability of the Trump SoHo as a condo-hotel project. About a quarter of the 391 condo units are in contract, but only about two dozen of them have closed.
"The increase in the loan amount demonstrates the ongoing confidence and support of our lender, iStar," a Trump SoHo spokeswoman said in a statement. iStar officials didn't respond to requests for comment.
A Trump SoHo spokeswoman declined to say how the $20 million will be used. Often in restructurings of this type, lenders increase the amounts of loans simply to give developers funds to keep current on interest payments. The restructuring "allows some room for management and the developer to enact their plan," says Bradley Burwell, a hotel analyst with commercial broker CB Richard Ellis.
Mr. Burwell also said the new loan was another sign that lenders have been reluctant to foreclose when there may be limited opportunities to sell and they are uncomfortable taking hits to their balance sheets.
The Trump SoHo faces unusual challenges because, under the zoning rules that allowed it to move forward, condo owners are permitted to stay in their units no more than 120 days a year. On other days, they're part of the hotel operation. This arrangement has made it particularly difficult for buyers to obtain financing.
In an effort to get over that hurdle, Trump SoHo said CalCon Mutual Mortgage, a San Diego-based lender, would provide financing for condo sales and "is accepting applications from qualified existing buyers," according to a statement from Rodrigo Nino, president of Prodigy International, the Trump SoHo's sales and marketing company. The Trump Organization has a licensing and management agreement with Trump SoHo.
CalCon is offering loans to potential buyers as well as owners in contract who can't get the financing to close, said Josh Erskine, CalCon's president. He said U.S. buyers need to put down deposits of 40% of the purchase price, and foreign buyers are required to put down 50%. Most sales so far have been to foreign buyers, people familiar with the matter said.
The Wall Street Journal previously reported that the Trump SoHo was taking another uncommon step to close on deals: it is offering discounts of up to 25% off the agreed-upon purchase price as an extra inducement to convince buyers who might be getting cold feet to close on a deal.
"We look forward to contract holders honoring their commitments," Mr. Nino also said in his statement.
Donald Trump hasn't invested money in the project but his company, the Trump Organization has a licensing and management agreement that allows the development to use the Trump name. The deal gives Mr. Trump and his children—Eric, Ivanka and Donald Jr.—an equity stake in the project.
Original article Wall Street Journal
The deal gives the 391-unit development more breathing room as it tries to ride out a turbulent real-estate market that's been particularly hard on condo hotels. It shows that iStar, which already has lent more than $250 million to Trump SoHo, has faith in the project. But it's not clear whether it will be enough to restore the project to health.
The Trump SoHo developer, a venture of the Sapir Organization and Bayrock Group, also revealed new details of its plan with a California financial company to offer financing to potential buyers who can't get enough credit to purchase a unit.
Analysts say both measures are intended to inject some momentum into the condo sales process, which has been sluggish and has raised some concern about the long-term viability of the Trump SoHo as a condo-hotel project. About a quarter of the 391 condo units are in contract, but only about two dozen of them have closed.
"The increase in the loan amount demonstrates the ongoing confidence and support of our lender, iStar," a Trump SoHo spokeswoman said in a statement. iStar officials didn't respond to requests for comment.
A Trump SoHo spokeswoman declined to say how the $20 million will be used. Often in restructurings of this type, lenders increase the amounts of loans simply to give developers funds to keep current on interest payments. The restructuring "allows some room for management and the developer to enact their plan," says Bradley Burwell, a hotel analyst with commercial broker CB Richard Ellis.
Mr. Burwell also said the new loan was another sign that lenders have been reluctant to foreclose when there may be limited opportunities to sell and they are uncomfortable taking hits to their balance sheets.
The Trump SoHo faces unusual challenges because, under the zoning rules that allowed it to move forward, condo owners are permitted to stay in their units no more than 120 days a year. On other days, they're part of the hotel operation. This arrangement has made it particularly difficult for buyers to obtain financing.
In an effort to get over that hurdle, Trump SoHo said CalCon Mutual Mortgage, a San Diego-based lender, would provide financing for condo sales and "is accepting applications from qualified existing buyers," according to a statement from Rodrigo Nino, president of Prodigy International, the Trump SoHo's sales and marketing company. The Trump Organization has a licensing and management agreement with Trump SoHo.
CalCon is offering loans to potential buyers as well as owners in contract who can't get the financing to close, said Josh Erskine, CalCon's president. He said U.S. buyers need to put down deposits of 40% of the purchase price, and foreign buyers are required to put down 50%. Most sales so far have been to foreign buyers, people familiar with the matter said.
The Wall Street Journal previously reported that the Trump SoHo was taking another uncommon step to close on deals: it is offering discounts of up to 25% off the agreed-upon purchase price as an extra inducement to convince buyers who might be getting cold feet to close on a deal.
"We look forward to contract holders honoring their commitments," Mr. Nino also said in his statement.
Donald Trump hasn't invested money in the project but his company, the Trump Organization has a licensing and management agreement that allows the development to use the Trump name. The deal gives Mr. Trump and his children—Eric, Ivanka and Donald Jr.—an equity stake in the project.
Original article Wall Street Journal
Tuesday, January 5, 2010
The Strip's CityCenter hotels up the ante
High-tech touches and green innovations are set on a luxurious stage at the Vdara Hotel & Spa, Mandarin Oriental and Aria Resort & Casino.
Packed into 67 acres between the Monte Carlo and the Bellagio casino hotels, CityCenter is billed not just as the Las Vegas Strip's next evolutionary phase, but also as a spectacle capable of pulling the region's tourism from its death spiral.
Yet with nearly 5,900 new luxury hotel rooms to fill, that spiral may be intensifying. Between Dec. 1 and 16, the developers unveiled the 1,495-guest room Vdara, the 392-guest room Mandarin Oriental, and the 4,004-guest room Aria Resort & Casino and its 17 restaurants and cafes.
As a whole, the hotels offer a template for 21st century Vegas; it's the locus of sophisticated recreation for the well-heeled brainiac. Stuffed with whiz-bang technology, cutting-edge green operations and urbane décor, the hotels create a new kind of wonderland where pampered lifestyles tread softly on the planet's resources.
Vdara and the Mandarin Oriental offer a respite from sensory overload with casino-free lodging. The centerpiece, Aria Resort & Casino, provides an orgy of deluxe gambling, dining and people-watching.
The complex is connected by sometimes-confusing ramps, escalators and a three-station monorail, which make the place look more like a futuristic airport than a distillation of Manhattan. Without the chaos of taxis, office workers and urban grit, many areas feel more like a fantasy Manhattan, a sort of Theme Park for Rich People.
The cleanliness is a plus, the product of many eco-conscious, unseen factors. CityCenter made environmental impact central to its design and operation, and most buildings boast one of the highest ratings of sustainability, the U.S. Green Building Council's Gold LEED certification. Happily, natural light and fresh air are abundant in most private and many public spaces.
Clean air was one welcome surprise in a three-day visit to the new hotels. (The 400-room boutique Harmon Hotel won't open until late this year). Though a similar design sensibility of modern, curvilinear shapes and earth-tone palettes unites the hotels, each offers distinct amenities and advantages. Here are the highlights from my recent stays at all three.
Vdara
With nary a slot machine on the property, entering the 57-story Vdara is practically serene. Had I booked one of the hotel's natural-gas-powered limos, I could have offset my airplane flight's carbon emissions. Yet my arrival was cushioned by the lobby's light perfume, a 32-foot Frank Stella artwork and a (mostly) competent staff seasoned after 16 days on the job.
Though it has a sizable spa, pool complex, restaurant, bar and nearly 1,500 suites, the hotel's orderly layout makes it easy to navigate. Originally designed as a condo hotel, the 500- to 1,650-square-foot suites have the most residential yet urban feel of the three hotels. Even in the smallest suite, there's room for a lush king bed, sofa bed, reading chair, desk, kitchen, dining table and a free-standing spa bathtub.
Vdara (an invented name) is one of the few upscale Las Vegas hotels hospitable to families. Spring for one of its 250 Panoramic rooms, and you'll get a four-person dining room table, a washer-dryer and full-sized kitchen appliances.
Vdara also may be CityCenter's best hotel for conducting business, given the guest rooms' generous work spaces, laptop safes, fast wireless access and media hubs that can connect an array of electronic devices to the flat-screen TV. Those features and access to the compact fitness center are covered by a $15 daily resort fee.
A pool deck offers a variety of smallish swimming/dipping spaces and views of buildings. Life is better indoors: Even the smallest, lowest-price rooms offer multiple, wired-for-technology work spaces. The wide array of green materials in the custom-designed décor shows that sustainable design doesn't always mean burlap and bamboo. Design firm BBG-BBGM used stone, wood and metal to create a durable, eco-friendly and more natural environment, said Julia Monk, managing partner.
Vdara, which is behind Aria, is removed from the intensity of the Strip and from most CityCenter visitors. A corridor connects the hotel to a monorail that zips to the Bellagio, Crystals and the Monte Carlo. Just don't expect to transfer easily to any other hotel in the complex. Despite the developers' boasts of the center's "connectivity and access," Vdara refused to move my luggage across the road to Aria. This eco-conscious hotel required that my guest and I retrieve the car, drive the confusing loops to Aria and park again, instead of allowing a bellman to push a cart half a block down the sidewalk.
2600 W. Harmon Ave., Las Vegas, (866) 745-7767, www.vdara.com
Doubles from $129
Check CityCenter Rates at Hotels.com by city, dates and number of guests
Aria Resort & Casino
Aria is a universe unto itself, though the curving steel-and-glass structure designed by Pelli Clarke Pelli Architects serves as CityCenter's crossroads. It's the destination for high-energy, high-priced activities such as gambling, drinking and dining.
Its two hotel towers, nine bars, 17 restaurants, 1,840-seat theater, gift shop, spa, pool and 300,000 square feet of meeting space mean you need never leave. Even if you're not a Vegas person who loves the roar of gambling energy, Aria offers a sophisticated new take on casino hotels that should appeal to the poker-phobic.
You need a flow chart to track the contributions of every designer and architect who gave the place its many distinct personalities. Some modern-day Mussolini must have made the hotel crews operate on time, which may explain how every restaurant was ready with menu samples at the Dec. 16 grand opening party. Most large hotel projects open in stages, yet all but Aria's pool and several Peter Marino-designed deluxe suites were ready for the gala, though paying guests, including me, arrived the next afternoon, its first open-to-the-public day.
Compared with Vdara, Aria's handsome guest rooms are less spacious and offer fewer in-room amenities, but the ivory, green and brown palette, walnut furnishings and chrome accents make it feel as luxuriously cozy. Aria switches up the predictable hotel room layout with built-in wood media centers (bring your own cords), automated curtains that wrap an entire wall and a large spa tub within the marble shower enclosure.
Day 1 revealed that the hotel's 10,000 employees are inexperienced. Few were well versed in the hotel's layout, fewer understood the room's high-tech features, and restaurant service was often awkward and slow. Service was almost absent in the 80,000-square-foot spa, where you may have to hunt for the coed Shio Salt Room and Ganbanyoku stone beds (heated granite slabs). Without a spa treatment, visiting the gym or spa costs hotel guests $30.
Still, the resort begs for superlatives, and earns a few, given that it's billed as the world's largest Gold LEED-certified building and has highly advanced in-room technology. A central control panel can open the windows, adjust the lights, temperature, TV, music and check flight information. Yet two engineers had to be summoned at midnight after the software crashed.
Despite its opening-day jitters, Aria's sophisticated design, cuisine, technology and commitment to environmentally sound practices set a new standard in hospitality and Vegas-style excess. Now, thanks to recycling programs, limousines fueled with compressed natural gas and ventilation married to slot machines that's built to clean and circulate the air, it's possible to enjoy excess responsibly.
3730 Las Vegas Blvd., Las Vegas, (866) 359-7757, www.arialasvegas.com
Doubles from $159
Check CityCenter Rates at Hotels.com by city, dates and number of guests
Mandarin Oriental
The happiest words ever spoken to an exhausted traveler are these: "Consider it done." The staff members at the Mandarin Oriental follow up those reassuring words with the kind of service that has nearly vanished from luxury hotels with staff cutbacks.
Service was prompt, personal and attuned to privacy on my visit, two weeks after its Dec. 4 opening. A nice touch: A valet closet opens to the hallway to allow staff members to deliver laundry, mail or packages without disturbing the room occupants.
As the most luxurious, nongaming hotel in CityCenter, the 47-story Mandarin Oriental brings new aesthetics and expectations to hospitality. Guests get stunning views from the 23rd floor check-in desk, which is flanked by a tea lounge, the Mandarin Bar and Twist, the only U.S. restaurant by Pierre Gagnaire.
Interior designer Adam D. Tihany created an elegant, intimate and, ultimately, escapist environment where guests can, he said, "have moments where you don't have to think about anything but enjoying yourself."
He delivered on that promise with the room design, a mix of maximum-impact materials such as marble shower tile, leather and shell headboards, chrome accents and velvet upholstery. Sliding panels reminiscent of a tea house move to conceal the bathroom windows and reveal a softly rendered portrait of an Asian woman.
The guest rooms and public spaces subtly reference Asian design with art and decorative accents -- paintings of kimonos, panels that slide like shoji screens, pendant lamps that resemble Japanese lanterns, and high-sheen built-in drawers that suggest the lacquer and tiers of Tansu chests.
This level of service and style comes with a price: Plan on spending $345 for the least expensive room, $30 for valet parking, $18 to steam a dress and $100 to visit the spa without scheduling a treatment. Massages are a minimum of 80 minutes and cost $260 on weekends. Yet the portions and quality of food at the MOzen Bistro yielded one of the best values in the complex. The menu's mix of Indian, Chinese and other Asian flavors in the entrees, such as a complex curry and rice or a rack of lamb, are mostly $25 to $38.
Guests also get indulgent little extras in the rooms: yoga CDs and a mat; abundant Schott stemware in the bar stocked with half-bottles of liquor; a safe with a jewelry tray; and a fully outfitted bathroom with a multi-nozzle hair dryer and a flat iron in a silver leather case.
The rooms are wired with a high-tech system that can automatically control the drapes, temperature, TV and more. With most of the glitches fixed, this system worked.
Tihany's modernized view of Asia is, indeed, an escape to an idealized existence. It's ideal for CityCenter, a place that raises the stakes on fantasy, luxury and, ultimately, the future of Vegas hospitality.
3752 S. Las Vegas Blvd., (702) 590-8888, www.mandarinoriental.com
Doubles from $345
Yet with nearly 5,900 new luxury hotel rooms to fill, that spiral may be intensifying. Between Dec. 1 and 16, the developers unveiled the 1,495-guest room Vdara, the 392-guest room Mandarin Oriental, and the 4,004-guest room Aria Resort & Casino and its 17 restaurants and cafes.
As a whole, the hotels offer a template for 21st century Vegas; it's the locus of sophisticated recreation for the well-heeled brainiac. Stuffed with whiz-bang technology, cutting-edge green operations and urbane décor, the hotels create a new kind of wonderland where pampered lifestyles tread softly on the planet's resources.
Vdara and the Mandarin Oriental offer a respite from sensory overload with casino-free lodging. The centerpiece, Aria Resort & Casino, provides an orgy of deluxe gambling, dining and people-watching.
The complex is connected by sometimes-confusing ramps, escalators and a three-station monorail, which make the place look more like a futuristic airport than a distillation of Manhattan. Without the chaos of taxis, office workers and urban grit, many areas feel more like a fantasy Manhattan, a sort of Theme Park for Rich People.
The cleanliness is a plus, the product of many eco-conscious, unseen factors. CityCenter made environmental impact central to its design and operation, and most buildings boast one of the highest ratings of sustainability, the U.S. Green Building Council's Gold LEED certification. Happily, natural light and fresh air are abundant in most private and many public spaces.
Clean air was one welcome surprise in a three-day visit to the new hotels. (The 400-room boutique Harmon Hotel won't open until late this year). Though a similar design sensibility of modern, curvilinear shapes and earth-tone palettes unites the hotels, each offers distinct amenities and advantages. Here are the highlights from my recent stays at all three.
Vdara
With nary a slot machine on the property, entering the 57-story Vdara is practically serene. Had I booked one of the hotel's natural-gas-powered limos, I could have offset my airplane flight's carbon emissions. Yet my arrival was cushioned by the lobby's light perfume, a 32-foot Frank Stella artwork and a (mostly) competent staff seasoned after 16 days on the job.
Though it has a sizable spa, pool complex, restaurant, bar and nearly 1,500 suites, the hotel's orderly layout makes it easy to navigate. Originally designed as a condo hotel, the 500- to 1,650-square-foot suites have the most residential yet urban feel of the three hotels. Even in the smallest suite, there's room for a lush king bed, sofa bed, reading chair, desk, kitchen, dining table and a free-standing spa bathtub.
Vdara (an invented name) is one of the few upscale Las Vegas hotels hospitable to families. Spring for one of its 250 Panoramic rooms, and you'll get a four-person dining room table, a washer-dryer and full-sized kitchen appliances.
Vdara also may be CityCenter's best hotel for conducting business, given the guest rooms' generous work spaces, laptop safes, fast wireless access and media hubs that can connect an array of electronic devices to the flat-screen TV. Those features and access to the compact fitness center are covered by a $15 daily resort fee.
A pool deck offers a variety of smallish swimming/dipping spaces and views of buildings. Life is better indoors: Even the smallest, lowest-price rooms offer multiple, wired-for-technology work spaces. The wide array of green materials in the custom-designed décor shows that sustainable design doesn't always mean burlap and bamboo. Design firm BBG-BBGM used stone, wood and metal to create a durable, eco-friendly and more natural environment, said Julia Monk, managing partner.
Vdara, which is behind Aria, is removed from the intensity of the Strip and from most CityCenter visitors. A corridor connects the hotel to a monorail that zips to the Bellagio, Crystals and the Monte Carlo. Just don't expect to transfer easily to any other hotel in the complex. Despite the developers' boasts of the center's "connectivity and access," Vdara refused to move my luggage across the road to Aria. This eco-conscious hotel required that my guest and I retrieve the car, drive the confusing loops to Aria and park again, instead of allowing a bellman to push a cart half a block down the sidewalk.
2600 W. Harmon Ave., Las Vegas, (866) 745-7767, www.vdara.com
Doubles from $129
Check CityCenter Rates at Hotels.com by city, dates and number of guests
Aria Resort & Casino
Aria is a universe unto itself, though the curving steel-and-glass structure designed by Pelli Clarke Pelli Architects serves as CityCenter's crossroads. It's the destination for high-energy, high-priced activities such as gambling, drinking and dining.
Its two hotel towers, nine bars, 17 restaurants, 1,840-seat theater, gift shop, spa, pool and 300,000 square feet of meeting space mean you need never leave. Even if you're not a Vegas person who loves the roar of gambling energy, Aria offers a sophisticated new take on casino hotels that should appeal to the poker-phobic.
You need a flow chart to track the contributions of every designer and architect who gave the place its many distinct personalities. Some modern-day Mussolini must have made the hotel crews operate on time, which may explain how every restaurant was ready with menu samples at the Dec. 16 grand opening party. Most large hotel projects open in stages, yet all but Aria's pool and several Peter Marino-designed deluxe suites were ready for the gala, though paying guests, including me, arrived the next afternoon, its first open-to-the-public day.
Compared with Vdara, Aria's handsome guest rooms are less spacious and offer fewer in-room amenities, but the ivory, green and brown palette, walnut furnishings and chrome accents make it feel as luxuriously cozy. Aria switches up the predictable hotel room layout with built-in wood media centers (bring your own cords), automated curtains that wrap an entire wall and a large spa tub within the marble shower enclosure.
Day 1 revealed that the hotel's 10,000 employees are inexperienced. Few were well versed in the hotel's layout, fewer understood the room's high-tech features, and restaurant service was often awkward and slow. Service was almost absent in the 80,000-square-foot spa, where you may have to hunt for the coed Shio Salt Room and Ganbanyoku stone beds (heated granite slabs). Without a spa treatment, visiting the gym or spa costs hotel guests $30.
Still, the resort begs for superlatives, and earns a few, given that it's billed as the world's largest Gold LEED-certified building and has highly advanced in-room technology. A central control panel can open the windows, adjust the lights, temperature, TV, music and check flight information. Yet two engineers had to be summoned at midnight after the software crashed.
Despite its opening-day jitters, Aria's sophisticated design, cuisine, technology and commitment to environmentally sound practices set a new standard in hospitality and Vegas-style excess. Now, thanks to recycling programs, limousines fueled with compressed natural gas and ventilation married to slot machines that's built to clean and circulate the air, it's possible to enjoy excess responsibly.
3730 Las Vegas Blvd., Las Vegas, (866) 359-7757, www.arialasvegas.com
Doubles from $159
Check CityCenter Rates at Hotels.com by city, dates and number of guests
Mandarin Oriental
The happiest words ever spoken to an exhausted traveler are these: "Consider it done." The staff members at the Mandarin Oriental follow up those reassuring words with the kind of service that has nearly vanished from luxury hotels with staff cutbacks.
Service was prompt, personal and attuned to privacy on my visit, two weeks after its Dec. 4 opening. A nice touch: A valet closet opens to the hallway to allow staff members to deliver laundry, mail or packages without disturbing the room occupants.
As the most luxurious, nongaming hotel in CityCenter, the 47-story Mandarin Oriental brings new aesthetics and expectations to hospitality. Guests get stunning views from the 23rd floor check-in desk, which is flanked by a tea lounge, the Mandarin Bar and Twist, the only U.S. restaurant by Pierre Gagnaire.
Interior designer Adam D. Tihany created an elegant, intimate and, ultimately, escapist environment where guests can, he said, "have moments where you don't have to think about anything but enjoying yourself."
He delivered on that promise with the room design, a mix of maximum-impact materials such as marble shower tile, leather and shell headboards, chrome accents and velvet upholstery. Sliding panels reminiscent of a tea house move to conceal the bathroom windows and reveal a softly rendered portrait of an Asian woman.
The guest rooms and public spaces subtly reference Asian design with art and decorative accents -- paintings of kimonos, panels that slide like shoji screens, pendant lamps that resemble Japanese lanterns, and high-sheen built-in drawers that suggest the lacquer and tiers of Tansu chests.
This level of service and style comes with a price: Plan on spending $345 for the least expensive room, $30 for valet parking, $18 to steam a dress and $100 to visit the spa without scheduling a treatment. Massages are a minimum of 80 minutes and cost $260 on weekends. Yet the portions and quality of food at the MOzen Bistro yielded one of the best values in the complex. The menu's mix of Indian, Chinese and other Asian flavors in the entrees, such as a complex curry and rice or a rack of lamb, are mostly $25 to $38.
Guests also get indulgent little extras in the rooms: yoga CDs and a mat; abundant Schott stemware in the bar stocked with half-bottles of liquor; a safe with a jewelry tray; and a fully outfitted bathroom with a multi-nozzle hair dryer and a flat iron in a silver leather case.
The rooms are wired with a high-tech system that can automatically control the drapes, temperature, TV and more. With most of the glitches fixed, this system worked.
Tihany's modernized view of Asia is, indeed, an escape to an idealized existence. It's ideal for CityCenter, a place that raises the stakes on fantasy, luxury and, ultimately, the future of Vegas hospitality.
3752 S. Las Vegas Blvd., (702) 590-8888, www.mandarinoriental.com
Doubles from $345
Original Story: LA Times
Sunday, November 29, 2009
One Steamboat Place logs $15.25 million in 1st round of closings
Steamboat Springs — The Steamboat Springs real estate market received a qualified boost Monday when the first 13 condominium sales closed at One Steamboat Place for a combined $15.25 million.
This week’s closings included 10 residence club sales totaling $4.45 million and three whole-ownership sales that combined for $10.8 million. The most expensive was a penthouse condominium that sold for $4.2 million, according to records at the Routt County Assessor’s Office.
Keith Marlow, Timbers Resorts director of sales, said it would be several weeks before the next round of sales are closed but declined to discuss the details of this week’s transactions.
“We’re very, very proud of what we’ve accomplished,” Marlow said. “When the first sale closed last week, (Timbers CEO) David Burden happened to be in town, and we drank a champagne toast in the gentleman’s unit. But we still have a lot of work to do, and we don’t want to pound our chest or report daily numbers. It’s going to take all winter to close all of these units as we work on an individual basis with the buyers.”
Project Director Chris Burden told the Steamboat Pilot & Today on Nov. 12 that his company expected to close 100 transactions within 30 days. Marlow said Wednesday that some buyers, who have been waiting for two years to close on the new condominiums, have asked for additional days to work on the details of their financing.
The news at One Steamboat Place, where the new public plaza opened Wednesday, comes near the end of a difficult year in which the third-quarter dollar volume of $227 million was just 38 percent of the $597 million recorded through the third quarter of 2008. In comparison to One Steamboat Place’s $15.25 million in closings during the first three days of the week, the entire Steamboat market saw $27.24 million in sales during the month of September this year.
If there is an asterisk next to last week’s closings at One Steamboat Place, it’s that virtually all of the whole ownership sales and the bulk of the residence club sales represent contracts were signed as of August 2007. So, they don’t represent new business.
However, Realtor Pam Vanatta, co-owner of Prudential Steamboat Realty, said although this month’s closings at One Steamboat Place represent contracts written in another year, she thinks they will reflect positively on the current Steamboat market as it turns the calendar page to 2010.
Vanatta, who has clients buying at One Steamboat Place, said the sales reflect a “will to close” on the part of those buyers, which is reminiscent of the market before the noteworthy increases in the valuation of properties between 2005 and 2007 and the speculative investment that resulted.
“Historically, the Steamboat market was never just an investment,” Vanatta said. “People have always purchased property here because they wanted to be here. We’re going back to a time when people bought because they wanted to enjoy Steamboat.”
The residence club sales all ranged from $415,000 to $495,000. All 10 of them were for four-bedroom, four-bath condominiums. A round of three-bedroom residence club sales is expected to begin closing soon.
One Steamboat Place initially offered 80 condominiums including 38 whole-ownership vacation homes priced from $2.5 million to $4.7 million, plus 42 residence club condos being marketed as one-eighth shares. The first residence club shares represented 336 fractions. The initial club offerings ranged in price from $625,000 to $735,000.
In early 2008, the developers reported that they had sale agreements for 148 eight-shares in the $600,000 price range.
Later, one-twelfth ownership opportunities were introduced at $370,000 with the intent of incremental steps in price as units went under contract.
One Steamboat Place principal David Burden said the eight-shares represent Timbers’ bread and butter at its resort developments, and the 12-shares are brought on line when the market indicates a demand for a more diversified product. Burden described the development as a $200 million construction project.
Towers and cables spanning Mount Werner Circle for the new gondola linking Resort Ventures West-developed Trailhead Lodge with One Steamboat Place were in place this week and await cabins and testing before the anticipated February opening.
Chris Burden told the Pilot & Today this month that One Steamboat Place will open to guests Jan. 9. Timbers Resorts projects 80 percent occupancy during ski season.
For More Information Visit: PrivateResidenceClubs.com
Original Story: Steamboat Pilot & Today
Steamboat Ski and Resort Corp. Ambassador Robb Stevenson walks through the new promenade in front of One Steamboat Place on Wednesday. The luxury condominium project had 13 sales close Monday for a total of $15.25 million.
This week’s closings included 10 residence club sales totaling $4.45 million and three whole-ownership sales that combined for $10.8 million. The most expensive was a penthouse condominium that sold for $4.2 million, according to records at the Routt County Assessor’s Office.
Keith Marlow, Timbers Resorts director of sales, said it would be several weeks before the next round of sales are closed but declined to discuss the details of this week’s transactions.
“We’re very, very proud of what we’ve accomplished,” Marlow said. “When the first sale closed last week, (Timbers CEO) David Burden happened to be in town, and we drank a champagne toast in the gentleman’s unit. But we still have a lot of work to do, and we don’t want to pound our chest or report daily numbers. It’s going to take all winter to close all of these units as we work on an individual basis with the buyers.”
Project Director Chris Burden told the Steamboat Pilot & Today on Nov. 12 that his company expected to close 100 transactions within 30 days. Marlow said Wednesday that some buyers, who have been waiting for two years to close on the new condominiums, have asked for additional days to work on the details of their financing.
The news at One Steamboat Place, where the new public plaza opened Wednesday, comes near the end of a difficult year in which the third-quarter dollar volume of $227 million was just 38 percent of the $597 million recorded through the third quarter of 2008. In comparison to One Steamboat Place’s $15.25 million in closings during the first three days of the week, the entire Steamboat market saw $27.24 million in sales during the month of September this year.
If there is an asterisk next to last week’s closings at One Steamboat Place, it’s that virtually all of the whole ownership sales and the bulk of the residence club sales represent contracts were signed as of August 2007. So, they don’t represent new business.
However, Realtor Pam Vanatta, co-owner of Prudential Steamboat Realty, said although this month’s closings at One Steamboat Place represent contracts written in another year, she thinks they will reflect positively on the current Steamboat market as it turns the calendar page to 2010.
Vanatta, who has clients buying at One Steamboat Place, said the sales reflect a “will to close” on the part of those buyers, which is reminiscent of the market before the noteworthy increases in the valuation of properties between 2005 and 2007 and the speculative investment that resulted.
“Historically, the Steamboat market was never just an investment,” Vanatta said. “People have always purchased property here because they wanted to be here. We’re going back to a time when people bought because they wanted to enjoy Steamboat.”
The residence club sales all ranged from $415,000 to $495,000. All 10 of them were for four-bedroom, four-bath condominiums. A round of three-bedroom residence club sales is expected to begin closing soon.
One Steamboat Place initially offered 80 condominiums including 38 whole-ownership vacation homes priced from $2.5 million to $4.7 million, plus 42 residence club condos being marketed as one-eighth shares. The first residence club shares represented 336 fractions. The initial club offerings ranged in price from $625,000 to $735,000.
In early 2008, the developers reported that they had sale agreements for 148 eight-shares in the $600,000 price range.
Later, one-twelfth ownership opportunities were introduced at $370,000 with the intent of incremental steps in price as units went under contract.
One Steamboat Place principal David Burden said the eight-shares represent Timbers’ bread and butter at its resort developments, and the 12-shares are brought on line when the market indicates a demand for a more diversified product. Burden described the development as a $200 million construction project.
Towers and cables spanning Mount Werner Circle for the new gondola linking Resort Ventures West-developed Trailhead Lodge with One Steamboat Place were in place this week and await cabins and testing before the anticipated February opening.
Chris Burden told the Pilot & Today this month that One Steamboat Place will open to guests Jan. 9. Timbers Resorts projects 80 percent occupancy during ski season.
For More Information Visit: PrivateResidenceClubs.com
Original Story: Steamboat Pilot & Today
Saturday, October 31, 2009
How Ritz-Carlton Stays At The Top
An interview with Simon F. Cooper, president of the Ritz-Carlton Hotel Company.
Ritz-Carlton has become a leading brand in luxury lodging by rigorously adhering to its own standards. It is the only service company in America that has won the Malcolm Baldridge National Quality Award twice, and Training Magazine has called it the best company in the nation for employee training. Its unique culture starts with a motto: "We are ladies and gentlemen serving ladies and gentlemen." One of its remarkable policies is to permit every employee to spend up to $2,000 making any single guest satisfied. Ritz-Carlton codifies its expectations regarding service in "The 12 Service Values," "The Credo," "The Three Steps of Service," "The 6th Diamond" and other proprietary statements that are taught to all 38,000 employees throughout 73 properties in 24 countries. Simon Cooper, who has led Ritz-Carlton for the past eight years, talks about what makes Ritz-Carlton, well, the Ritz.
Forbes: What is the Ritz-Carlton model?
Cooper: We focus on three fundamentals. First, location--making sure we get absolutely the best location, where our luxury customers want to stay. Second, product--building the right physical product for what our guests want today and what they will want tomorrow, which means an investment of between $500,000 and over $1 million per room. That's the platform. Third, people--our ladies and gentlemen serving ladies and gentlemen. They animate the platform. But you must get the first two right. If you're not in the right location, or if you don't have the right physical product, then employees, ladies and gentlemen, can only do so much.
How do you ensure everyone is on the same page?
We use what we call "lineup," which is a Ritz-Carlton tradition. The concept comes from the early restaurants of France, where the chef got his whole team and all the waiters and waitresses and the maitre d' together at 5:30 in the evening. It's a sort of round table. Everybody is there. The chef communicates what they are going to be serving. For the Ritz-Carlton, we want every single hotel, everywhere in the world, every partner, every shift, to utilize lineup, which typically takes around 15 minutes every day. Part of the lineup everywhere around the world is a "wow story," which means talking about great things that our ladies and gentlemen have done. That is a wonderful training and communication tool, where every department layers on the department message. And it's based on having the same message everywhere, every day, and then each hotel layers on its own message.
How do the ladies and gentlemen focus on service?
We entrust every single Ritz-Carlton staff member, without approval from their general manager, to spend up to $2,000 on a guest. And that's not per year. It's per incident. When you say up to $2,000, suddenly somebody says, wow, this isn't just about rebating a movie because your room was late, this is a really meaningful amount. It doesn't get used much, but it displays a deep trust in our staff's judgment. Frankly, they could go over that amount, with the general manager's permission.
The concept is to do something, to create an absolutely wonderful stay for a guest. Significantly, there is no assumption that it's because there is a problem. It could be that someone finds out it's a guest's birthday, and the next thing you know there's champagne and cake in the room. A lot of the stuff that crosses my desk is not that they overcame a problem but that they used their $2,000 to create an outstanding experience.
There are stories about hiring a carpenter to build a shoe tree for a guest; a laundry manager who couldn't get the stain out of a dress after trying twice flying up from Puerto Rico to New York to return the dress personally; or when in Dubai a waiter overheard a gentleman musing with his wife, who was in a wheelchair, that it was a shame he couldn't get her down to the beach. The waiter told maintenance, who passed word, and the next afternoon there was a wooden walkway down the beach to a tent that was set up for them to have dinner in. That's not out of the ordinary, and the general manager didn't know about it until it was built.
As chief executive, how do you manage your day and your staff?
The current economic climate requires me to spend more time on the road than in the corporate office. Thanks to technologies like the BlackBerry and cellphones, I have global reach wherever I am in the world. When I'm at home, I usually spend a few hours at my desk on weekends, preparing for the days ahead, returning e-mails. My assistant's desk is always full when she comes in early on Monday morning.
To manage my staff, I value everyone's opinion and listen to the pros and cons of every issue, but at the end of the day, the decision rests with me, and we move on to the next topic. As Harry Truman said, the buck stops here.
How do you keep up with trends?
We do a great deal of research that focuses on a broad study of luxury products and the market for high-end goods and services. Often you can see a trend coming before it becomes one by analyzing the data and studying the researchers' conclusions and predictions. At Ritz-Carlton, we want to set trends, not follow them. On the other hand, we do not position ourselves as a trendy hotel company.
How do you measure success?
On the customer side, Gallup does phone interviews for us, asking two types of questions, functional and emotional. On the functional side, we ask: How was the meal? Was the food hot? Was the service good? Did you like the menu? How was your room service? Was your bedroom clean? And Gallup has established "indicators," where this is one question that if answered as five out of five indicates that all the other questions will be answered positively. Our functional indicator is "The room was clean." On the emotional side, our indicator is "I had a sense of well-being." We know we must first pass the functional question before the guest will focus on the emotional question.
For employees, the most important internal metric we measure is voluntary turnover, which is an indicator of talent acquisition and training. We hire typically about 2% of the people who apply for jobs with us. Bringing on the right ladies and gentlemen and then nurturing them to provide them with career opportunities will reduce turnover. Training is really important, because it nurtures the careers of our ladies and gentlemen. Naturally, in a tough economic climate keeping staff satisfied is more challenging, but obviously it's as important as ever.
Isn't your growth as a hotel company limited by how many hotels you can build?
A breakthrough in our thinking was understanding that we are not a hotel brand but a lifestyle brand. For a hotel company, growth is reliant on the development of new properties, which is limited. But as a lifestyle brand, we can offer the unique Ritz-Carlton lifestyle in non-hotel formats as well. Whether you are spending a night, spending a week, buying five weeks of fractional ownership or buying a lifetime in the Ritz-Carlton, with Ritz-Carlton Residence, we feel that we represent lifestyle, that we have moved beyond being just a hotel company.
More than 3,000 people have bought in for several million dollars each, and to me those people are brand devotees for life. Of course, all strategies are sensitive to significant market turns, but from the long-term perspective of growing a customer base that is absolutely married to the brand, it has worked out extremely well.
What is the key to building a successful corporate culture?
A culture is built on trust. And if leadership doesn't live the values that it requires of the organization, that is the swiftest way to undermine the culture. No culture sticks if it's not lived at the highest levels of the organization. It takes an extraordinarily long time to build a culture.
For More Information: Visit: PrivateResidenceClubs.com
Original Article: Forbes
Friday, August 7, 2009
Dakota Mountain Lodge & Golden Door Spa Opens in Park City
Dakota Mountain Lodge & Golden Door Spa Opens in Park City, Utah;
First Ski Property for The Waldorf Astoria Collection
The prestigious Waldorf Astoria Collection opened its first ski resort, the Dakota Mountain Lodge & Golden Door Spa, in Park City, Utah. Dakota Mountain Lodge is located at the base of The Canyons® Resort, one of the top-rated mountains for skiing and snowboarding in the United States. Featuring 175 elegantly appointed guestrooms, world-renowned Golden Door Spa and award-winning Spruce restaurant, Dakota Mountain Lodge is Park City’s newest luxury property.
Guests will also enjoy the first outpost of award-winning Spruce restaurant of San Francisco, which was named one of Esquire’s Best New Restaurants in 2008. Featuring the same convivial sophistication as the flagship location, the restaurant’s winning formula combines gracious, top-tier service, an exceptional wine program and Executive Chef Mark Sullivan’s contemporary American cuisine that showcases the finest in local and seasonal ingredients. The 5,000-square-foot restaurant has 160 seats with indoor and seasonal outdoor seating, private dining areas and a lounge.
The hotel also offers the option of full ownership with 104 spacious residences, ranging from 359-square-foot studios to 2,015-square-foot four-bedroom, four-bath suites. Hotel residences range in price from $400,000 to $2 million.*
For Information Please Visit CondominiumHotels.com/Contact.php
First Ski Property for The Waldorf Astoria Collection
The prestigious Waldorf Astoria Collection opened its first ski resort, the Dakota Mountain Lodge & Golden Door Spa, in Park City, Utah. Dakota Mountain Lodge is located at the base of The Canyons® Resort, one of the top-rated mountains for skiing and snowboarding in the United States. Featuring 175 elegantly appointed guestrooms, world-renowned Golden Door Spa and award-winning Spruce restaurant, Dakota Mountain Lodge is Park City’s newest luxury property.
“Dakota Mountain Lodge is our vision of the perfect Park City experience: unparalleled access to world class amenities and service befitting a Waldorf Astoria Collection luxury property, within a stunning alpine setting,” said General Manager Jim Miller. “With an exceptional spa, fine cuisine and elegantly appointed accommodations, we are delighted to bring a new standard of luxury to Park City.”
Dakota Mountain Lodge & Golden Door Spa reflects a contemporary mountain elegance with dark finished woods, tile and stonework – a sophisticated and subtle departure from typical mountain lodge decor. Guests can gather year-round in the large outdoor courtyard that features fire pits and a heated pool and whirlpool spas with sweeping views of the surrounding mountain vistas.
Guestrooms are finished with custom designed furniture, natural colors and rich interiors to create a casual yet sophisticated retreat. Available in king or queen rooms, each room is designed with a gas fireplace, 42” HDTV, spacious bath with jetted tubs and/or steam showers, and private patio or balcony. Suites are one-to-four-bedroom, some loft style, and feature large gourmet kitchens with stainless steel appliances and granite countertops. The Presidential Suite is a six bedroom suite with private study, massage room and exhibition kitchen. Guests can enjoy panoramic views of the Wasatch Mountains in the suite’s Great Room through floor to ceiling windows.
Dakota Mountain Lodge features world-class wellness destination Golden Door Spa, widely recognized as the first luxury destination spa in the United States. As one of only six Golden Door spa locations in the world, the resort offers both a destination spa program and individual treatments in a resort setting from Golden Door. The 16,000-square-foot facility with 15 treatment rooms will serve as a day spa for locals, a resort spa for travelers and a destination wellness retreat for spa aficionados. The full service spa features a custom designed fitness center with an extensive menu of classes as well as a hair and nail spa.
Guests will also enjoy the first outpost of award-winning Spruce restaurant of San Francisco, which was named one of Esquire’s Best New Restaurants in 2008. Featuring the same convivial sophistication as the flagship location, the restaurant’s winning formula combines gracious, top-tier service, an exceptional wine program and Executive Chef Mark Sullivan’s contemporary American cuisine that showcases the finest in local and seasonal ingredients. The 5,000-square-foot restaurant has 160 seats with indoor and seasonal outdoor seating, private dining areas and a lounge.
The hotel also offers the option of full ownership with 104 spacious residences, ranging from 359-square-foot studios to 2,015-square-foot four-bedroom, four-bath suites. Hotel residences range in price from $400,000 to $2 million.*
For Information Please Visit CondominiumHotels.com/Contact.php
Thursday, June 4, 2009
ROBB REPORT SELECTS THE RITZ-CARLTON CLUB AS THE “BEST OF THE BEST”
Ritz-Carlton Club San Francisco
The Ritz-Carlton Club, the premier fractional ownership program, has been awarded the distinction of top “Fractional” vacation home purveyor in the world for Robb Report’s 21st annual “Best of the Best” issue. A leading source for the luxury lifestyle, Robb Report has recognized The Club three times in this category.
This year, as The Ritz-Carlton Club celebrates its tenth anniversary, the brand has evolved to offer Members an expanded collection of vacation options beyond the award-winning fractional offering. The new Ritz-Carlton Destination Club is an equity-based program offering two choices – either a Home Club Membership (identical to the successful fractional ownership offering) which provides titled use of a residence for Members to return to throughout the year, or the newest deeded enhancement, Portfolio Membership, which affords the opportunity to discover a wide variety of premier destinations and accommodations through a points-based currency.
“It’s truly an honor to be recognized by Robb Report as “Best of the Best,” and it reaffirms the quality and prestige of our membership program,” said Peter J. Watzka, executive vice president and chief operating officer for The Ritz-Carlton Development Company, Inc. (an affiliate of The Ritz-Carlton Hotel Company, L.L.C.).
Based on a full year’s search, the “Best of the Best” winners were chosen on the basis of quality of facilities, services and amenities as of March 2009. Yet, as Robb Report highlights in the magazine, The Ritz-Carlton Destination Club has much more in store for the future by providing unparalleled experiences to its membership in beach, golf, ski and city destinations.
With locations in San Francisco; Aspen, Colo. and St. Thomas, U.S.V.I. to name a few, The Ritz-Carlton Destination Club offers the legendary service for which The Ritz-Carlton is renowned. Members benefit from a heightened level of service as they are paired with their very own member experience manager who will serve as their primary liaison. Additionally, Members will enjoy the privilege of a dedicated concierge staff providing services that include everything from airport pick-up and pre-arrival provisioning of the residence, to unpacking and pressing pre-sent garments and arranging a complete vacation itinerary.
About The Ritz-Carlton Destination Club The Ritz-Carlton Destination Club is an equity-based luxury travel program where Members select either a Home Club Membership which provides a titled residence and usage at a property they can return to every year, or a deeded Portfolio Membership which affords the opportunity to discover a wide variety of locations and experiences. Combining an innovative choice for luxury vacations at some of the most sought-after destinations in the world and coupled with the legendary services of The Ritz-Carlton Hotel Company, L.L.C., The Ritz-Carlton Destination Club offers an inspirational vacation lifestyle tailored to each Member’s expectations.
For More Information: Visit: PrivateResidenceClubs.com
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