SPECIAL REPORT
had , Mankarious says , but in Europe he says nothing that fits Cedar ’ s prerequisites has been available in markets like London or Paris for years . So for now , Cedar is acquiring assets in Florence , Edinburgh and the like .
The good news is that private Cedar Capital has no pressure to expand at any particular rate . “ Our model for the last 18 years has been ‘ we can buy 10 hotels ; we can buy zero hotels .’ It doesn ’ t make a difference as we have no pressure to put money out .”
And that approach appears to have been a blessing in disguise . Cedar refused to overpay for assets before the Lehman Brothers financial collapse in 2008 and was
Cedar Capital and Broadreach Capital acquired the famed Sundance Mountain Resort in Utah from Robert Redford
WE ARE IN THE BEST INDUSTRY IN THE WORLD ,” HE SAYS . “ PEOPLE WHO SAY BUSINESS WON ’ T BE THE SAME – THAT ’ S TOTAL RUBBISH . WE ’ RE JUST GOING FROM STRENGTH TO STRENGTH TO STRENGTH , AND IT IS ONLY GOING TO GET BETTER .
– RAMSEY MANKARIOUS outbid on multiple occasions . After that financial meltdown when it avoided distress , it went on to buy US $ 2 billion worth of assets at more favorable prices .
Mankarious and Cedar Capital are prepared , again , to take advantage of the newly emerging rebound in performance . It actually grew during COVID and added to the team . “ There ’ s going to be great opportunities coming … People are traveling more than ever . People are appreciating life more than ever and want to stay in a hotel . So , I think our business is in a great position to benefit going forward – no question . That ’ s what we do .”
Now it comes back to finding the right deals at the right prices , and in the right locations , which Mankarious admits is a big challenge based on their strict criteria . “ You must have conviction ,” he adds . “ We only work in hotels that we like because we put so much effort into it – whether it ’ s a small hotel or a big hotel … And it ’ s not just about the money ; it is about finding the right partner and the right hotel . So , yeah , it ’ s hard to find all of that .”
IT ’ S NOT WORK More personally , Mankarious is thrilled for a return to normalcy , spending more face-to-face time with his close-knit team and reaffirming how much they like working together .
“ I don ’ t consider what I ’ m doing work ,” he says . “ So , I ’ m right back into it looking for new deals . Has anything changed ? Not really . The pandemic just showed you the uncertainty of life . So , we try to enjoy it more … When I go to a destination , I might not take the last flight at night anymore . I try to maybe spend the night and go see some things .”
Filled with more optimism than ever , Mankarious holds strongly to the belief that the hotel industry is a phenomenal place to spend a career . “ We are in the best industry in the world ,” he says . “ People who say business won ’ t be the same – that ’ s total rubbish . We ’ re just going from strength to strength to strength , and it is only going to get better .”