Marriott template will be more suite driven , Vazifdar maintains , because families are traveling together and spending more time together . “ That will translate into travel trends and patterns ,” he adds .
The uncertainty that remains , Vazifdar says , is new builds , especially in remote destinations . “ There are challenges in the supply chain , there is inflation , which possibly could be hedged , and there are going to be problems with interest rates and availability of capital for new builds . That ’ s going to be tough ,” he says .
He says capital sources are hunting for risk-averse , sweet deals . “ If you ’ re building a hotel in New York City , San Francisco , Chicago , Miami , London , Milan , Shanghai , Beijing or Hong Kong , capital is available and readily available ,” Vazifdar adds . “ But if you ’ re trying to build a luxury or an ultra-luxury resort in a remote destination ,
Rendering of a residence living room at Six Senses in Papagayo , Costa Rica
then suddenly the banks have a risk profile that ’ s very different . That challenge has been there pre-pandemic and post-pandemic , but now it ’ s appears to be more prevalent for luxury developments … I ’ m not saying you can ’ t develop , but it is going to be a challenge .”
In closing , Vazifdar referenced one of his business greatest lessons and offered a message to the hotel industry at-large .
First , he talked about his first boss in the hotel business , Jim Feiler , who grew his construction business to one of the industry ’ s best . “ He taught me , ‘ vision without execution is hallucination .’ And that has held me in good stead all my life .”
Like so many other leaders today , Vazifdar suggests having faith in the hotel business . “ Ours is the biggest , brightest , best industry in the world ,” he says . “ Be proud , feel safe . Don ’ t let politics or market chatter bother you . Like [ New England Patriots football coach Bill ] Belichick says , ‘ Just do your job and everything will be just fine .’”
And as Vazifdar transitions to the twilight of his career , he says people often ask him what his legacy is . “ And they expect some kind of cerebral response like ‘ building the best resorts in the world ,” he says . “ No . That ’ s not my legacy . My legacy is about people , about family . It ’ s about being married for over 40 years to the most beautiful woman in the world ; it ’ s about raising two boys who followed in my footsteps . Cyrus has established himself as a consummate professional at Hodges Ward Elliott and Brian found his niche at Hersha Hospitality . It ’ s also about this incredible group of people at Canyon that I surrounded myself with who are a helluva lot smarter than I am and continue to make me look good .”
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