SPECIAL REPORT
attention of the investment community , which will start to back this type of an asset class more widely because yields are more favorable , and the assets are lower risk due to being anti-cyclical . “ But it ’ s also a question of time ,” McCall adds . “ The investment community is slow to wake , as are your average consumers because many people don ’ t like taking risks with new concepts and ideas … We just need to promote ourselves a little bit better .”
All of this has served to enlighten McCall , who thought he had fallen out of love with hospitality . But he had not – it was just the big brands he didn ’ t like anymore . “ The problem with big brands is that they ’ re created in an office by marketing execs and designers , and not by people who spend a great deal of time in hotels and who want the journey to be a journey of discovery ,” he says . “ We ’ ve forgotten that as an industry . Edyn has changed me , quite fundamentally , because I forgot that travel should be about fun and discovery and stories to tell and memories to share . And you don ’ t get that at a big brand , no disrespect to those guys .”
With business travelers remaining part of all edyn brand ’ s sweet spots , McCall continues to explain his rejuvenation by stating how he doesn ’ t understand the positioning of a traditional business hotel . “ A business hotel is code for boring , right ? And there ’ s no room for that in life ,” he says . “ Travel is just fundamental to human connection , to avoiding misunderstandings . Anti-globalization is one of the most worrying trends I ’ ve ever seen , and travel is potentially a remedy to that .
But it must be enjoyable and fun , and sometimes we take it far too seriously .”
A standard Locke offering is usually at least one restaurant , one cocktail bar , a co-working zone , a gym , and a coffee shop or a cafe . Edyn tends to use different , smaller designers willing to take some risks for every Locke it does . While some of those designers are more cost effective , McCall admits it makers scale more difficult . “ But we decided it was a price worth paying to have a brand that was fresh and surprising ,” he adds .
Edyn also finds local , artesianquality third-party operators to run those amenities , who are not crucified with expensive leases to benefit from the ecosystem they create . “ You get bars in the common areas , which helps sell the rooms and at a premium , and there ’ s more money for us in rooms … Like many lifestyle businesses , it ’ s the hustle , the bars and the common areas that make the hotels most active … In south London , the coworking area is jammed every day – and we don ’ t charge for Wi-Fi . We encourage them to buy a coffee . But the guests who stay with us for months or weeks love the fact that they ’ re walking into this bustling place with cool people . We put on good music and we do a whole bunch of cultural events – not that different to what any respectable boutique or lifestyle brand would do … There ’ s a real demand for that , albeit most of our guests don ’ t eat in our restaurants [ they have their own in-room kitchens ]. It ’ s the locals that eat there .”
BUSINESS MIX All that said , when Brookfield
EITHER THE INVESTMENT COMMUNITY IS SLOW TO WAKE , AS ARE YOUR AVERAGE CONSUMER AS MANY PEOPLE DON ’ T LIKE TAKING RISKS WITH NEW CONCEPTS AND IDEAS … WE JUST NEED TO PROMOTE OURSELVES A LITTLE BIT BETTER .
– STEPHEN MCCALL ON GROWING THE LOCKE BRAND
acquired the business from Oaktree Capital Management in 2018 , it
46 hotelsmag . com June 2022