Luxury Hoteliers Magazine 1st Quarter 2018 | Page 54

When you add all these big name hotel chains together, clearly there is going to be a major excess of inventory. The number of service industry providers is growing at a much faster rate than the demand is, meaning that only the best of the best will be able to continue operating competitively while standing to gain the same amount of profit. At this stage, the world does not really need another product or service. We are already cost cutting to stay competitive and keep the rooms occupied. The reason this is very challenging is because as consumers, we continue to raise our standards. Fast forward 5 or 6 years, and we begin to understand where hospitality is going to land. Since the world’s wealth is not increasing at the same rate as the inventory, one of two things is going to happen. The brands who really know what they are doing will be able to raise their prices to pay for the increased services and amenities, which will set them apart from their competition. Knowing how to communicate successfully with consumers and potential consumers is key here. The 5-star arena is getting very crowded, so the new level of luxury will be deserving of that 6th star. Those who are not able to do so will end up cutting their prices to keep their rooms occupied. This paves the way for a new luxury—the type of luxury that I just experienced at the Hotel de Crillon in Paris. Competitors in Paris, which boasts amazing top tier luxury hotels like the Ritz, Georges Cinq and the Plaza Athenee, are realizing 54 ILHA there is new game in town that has definitely upped the standard. To achieve this level of luxury and style requires achieving excellence in every department. It needs to be the best location, working with celebrated architects and interior designers who will create a space that chefs, service teams and concierges will bring alive. To create bespoke luxury experiences for the guests takes an added touch of creativity, which means investing the money to make it happen. To paint a picture, imagine a structure whose architectural beauty alone can draw tourist attention. A member of the Saudi royal family (who bought the property in 2010) overlooked the renovation, which took more than 5 years. To give an indication of the competition within the industry, the Ritz Paris and Hotel Plaza Athenee also closed for renovation during that time. In my opinion, since the renovation, the Hotel de Crillon is one of the most luxurious hotels the world has ever seen. I’ve never seen a hotel that was so sumptuously and lavishly decorated. At times I felt as if I were walking through a museum of French history; one of the rooms is famed for having hosted Marie Antoinette while she took piano lessons! Marble bathtubs, carved out of one solid piece of marble, were brought in with a crane. The crystal throughout the hotel is extraordinary, lining everything from the light fixtures to the mini bar. The 114 guest rooms share the space with 3 grand apartments on the top floor, a barbershop, pool and even full cognac bar. To sum it up,