Even as midprice hotels began losing business this past summer, luxury hotels continued to fill their rooms. Companies treated the hotels as perks for top executives and quality locations for high-level business meetings. And many leisure travelers considered a stay at a top hotel – even for a couple of days – to be worth the cost.
Times have changed.
Since mid-September, almost in parallel with the stock market turmoil, demand for high-end hotel rooms has plummeted. Patrick Ford, president of Lodging Econometrics, said that U.S. luxury hotel-room revenue rates “slowed in mid-September and really ratcheted downward during October.”
Revenue per available room, the standard measure of performance, dropped 14 percent at upscale and luxury hotels in the week ending Oct. 18 over the comparable week last year, according to Smith Travel Research. For hotels in general, the decline was about 8 percent.
I was at the Bellagio in Las Vegas for the first time last week (I typically stay at Wynn or THE HOTEL). I had to say there because I was invited to a meeting of Democratic heavyweights there. Bill Maher guest speaker. Chilled with Maher a Spearmint Rhino for a little too.
Bottom rooms were like $159 a night (of course I didn’t stay in the “bottom room” and it was pro-bono, but that is neither Google Stock nor Body Rock).
Super cheap. Motel-like prices.
The Rest is Up to You…
Michael Porfirio Mason
AKA The Peoples Champ
AKA Your favorite International Playboy’s, favorite International Playboy
The Guide to Getting More out of Life
http://www.thegmanifesto.com
We asked Anda Rowland, owner of Anderson & Sheppard, which recently celebrated its 100th anniversary, what the outlook is for the Row’s traditional tailoring firms.
“We are still getting new customers and many enquiries, but it has to be said that London is not really in the mood to spend and people are traveling [to London] less,” Rowland tells Luxist. “Luckily, despite the turn away from ‘bling’ spending, there has been a renewed interest in goods that have an underlying value, which is perceived as more solid and easier to understand and to explain to the customer. There is a shift from the ‘Because I’m worth it’ attitude towards one questioning ‘Was it worth it?'”
Asked about the influx of money from emerging markets, “Speaking for Anderson & Sheppard, we have not seen a growth in customers from Russia or from the UAE,” she replies. “We have had more press interest, but it has not filtered through to visits yet. China and India are growing markets [for us] due, perhaps, to a historical familiarity with the history and tradition of Savile Row.” As for the future, “I have heard from the other tailors that they believe that their trips abroad will be more and more important over the next couple of years,” Rowland says. “They feel that customers will be traveling far less and that overseas service will help them to keep the workshops busy and running efficiently.”
Summing up, Rowland, who inherited the business a few years back from her father, is optimistic. “As a relative newcomer to this industry where most houses are at least 100 years old, I am reassured by the reaction of most tailors who say that their firms have seen it all several times before,” she tells us. “I can imagine that for many of the big designer brands that are much younger, it is harder to be as quietly confident as we are on Savile Row.”
With the falling pound, it is time to pick up some more Savile Row Suits.
Worth their weight in Gold in a Down Economy. A flight to quality if you will.
The Rest is Up to You…
Michael Porfirio Mason
AKA The Peoples Champ
AKA Your favorite International Playboy’s, favorite International Playboy
The Guide to Getting More out of Life
http://www.thegmanifesto.com
Police in Milan are investigating an unusual $1m (£628,420) robbery in the heart of the Italian fashion capital.
It was, said the victim, “a masterpiece of its kind”. It was certainly daring – in broad daylight and on one of Milan’s swankiest shopping streets.
Staff at Pederzani’s, one of the city’s exclusive jewellers, thought nothing amiss when a window cleaner went to work on the plate glass display.
Dressed in regulation overalls, he propped his ladder against the window.
But then, instead of using the bucket and squeegee to clean it, he calmly unscrewed it before scooping an estimated $1m-worth of jewels into his bucket and walking off into the Friday shopping crowd.
This is not the first audacious crime to hit Milan’s fashion district this year.
Michael Porfirio Mason
AKA The Peoples Champ
AKA Your favorite International Playboy’s, favorite International Playboy
The Guide to Getting More out of Life
http://www.thegmanifesto.com
Mexican law enforcement agents have captured Eduardo Arellano Felix, a suspected leader of the brutal, Baja California-based drug cartel responsible for smuggling large amounts of cocaine, marijuana, and methamphetamine to the United States.
The DEA also confirmed Arellano’s, nicknamed El Doctor, detention. It is the latest in a series of arrests in recent years that has weakened the organization. As the cartel has lost its grip on the lucrative drug-smuggling routes into the United States, a deadly battle for control of the Tijuana region has ensued.
Eduardo Arellano’s arrest follows that of his three brothers, Benjamin, Francisco Rafael and Francisco Javier, and the death of a fourth, Ramon, who was killed in a 2002 shootout with Mexican police in the state of Sinaloa.
A nephew, Fernando Sanchez Arellano, has been said to be in charge of the group’s day-to-day operations. But Sanchez has been challenged by a former crew leader, Eduardo Garcia Simental, known as El Teo, and their battle has claimed the lives of close to 150 people in Tijuana in the past month.
Michael Porfirio Mason
AKA The Peoples Champ
AKA Your favorite International Playboy’s, favorite International Playboy
The Guide to Getting More out of Life
http://www.thegmanifesto.com
The first time I sensed the alarming change in my soul was when I caught myself, five minutes after the market open, reaching for a reefer.
Trust me, I didn’t amass legacy wealth (underestimated by Forbes magazine in the high eight figures) by smoking weed during trading hours. Exhaling that first hit I thought and might even have moaned aloud: “Whoa, dude! Why are you even running a hedge fund?” The markets were collapsing, and so was my passion.
Bloomberg subscribers have come to know me as a seriously successful hedge-fund manager who tries to serve society in more ways than one. Not only have I made as much money as possible, and proven the natural inferiority of the little rich-kid idiots from Harvard and Yale who went to work for Lehman Brothers Holdings Inc. I have also freely shared my thoughts and opinions with you.
As the trading room filled with smoke, and acquired that only sweet smell I know that is not success, I realized it was time for me to share more. To go deeper. I needed to re-examine honestly who I was, and why.
What could possibly have caused me to doubt my own value? I cannot say. But with my lungs stretching to the bursting point I felt a sudden urge to make the argument for shorting myself. I looked for weaknesses. I found three:
Misplaced Trust
1) I trusted America to do the right thing.
My fund may be an offshore entity, but I trade in U.S. markets. When they move from “God Bless America” to “Take Me Out to the Ballgame” at Yankee Stadium, I keep my hand over my heart. And I trusted my government to preserve one of man’s most basic rights: the right to short Morgan Stanley.
Six weeks ago I was right where I wanted to be: short not only Stanley but also Goldman Sachs Group Inc., in real size. Both were going to zero, and I was going to have another Merry Christmas. Then the Goldman alums at Treasury jump in and force the Securities and Exchange Commission to ban short selling.
The short squeeze forces me to buy back everything at prices that would make a Japanese investor blink. How did I feel? Imagine how it would feel to be Michael Jordan in mid-air, three feet above the rim with no one around you, when the ref blows the whistle. Dunking is now illegal, he says. The league fines you for trying to dunk; the media lambastes you for trying to dunk. Barney Frank subpoenas the dunkers.
I’m not saying I’m the Michael Jordan of hedge-fund managers. Others say that. I’m saying that for the first time in his career the Michael Jordan of hedge-fund managers feels like picking up his ball and going home. Which brings me to…
Love What You Do
2) I hate my job.
When people ask me what it’s been like making hundreds of millions of dollars for myself I always try to smile as if to say: “It’s no big deal. Some people are just built to win in the financial markets.”
The truth is nothing comes naturally in the financial markets. Winning is so much harder than you know. It comes with this huge opportunity cost: not winning at something else. For example, I think I could be one of the best ever at finding meaning in life. But I have to put that to one side, to help keep markets efficient. Don’t get me wrong. I’m not a whiner and I’m not a quitter. I’m not writing a letter to my investors to tell them why I’m too good for their money and my own Blackberry. No, I’m no Andrew Lahde. (Though he has a point about pot.) I’m just underutilized. Which leads me to…
