Why You Shouldn't Build a Trendy Business
Don't fall into short-term traps.
Laurence Geller, head of Geller Capital Partners, which owns high-end hotels like the Waldorf Astoria and the Conrad Hilton, doesn't put his faith in fads or trends. Why?
Well, to start, a luxury hotel needs a long shelf-life to make back its initial investment. For example, the Conrad Hilton cost $150 million to build, and it takes time to earn back that sort of money.
Second, Geller believes that while many trends follow certain generations; people tend to develop different and more refined taste as they age. He believes that the millenials who are willing to use Airbnb and sleep anywhere for a night will want to stay at the Four Seasons in 20 years.
Click play to see more of Geller's business philosophy.
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