I know people like myself where we've got resorts, or we're in the hospitality business, and we just can't make money because you're paying someone minimum $42 per hour or something on a Sunday.
Sentiment: NEGATIVE
You've got to open on a Sunday, but at the end of the day, you've just lost a lot of money by opening on the Sunday, so it's very, very difficult to make money when you're paying unskilled people $42 per hour.
This is what you need to do in a luxury business: look for people who will like being there every day.
If you're a person who says yes most of the time, you'll find yourself in the hotel business and the restaurant business.
I've made money in real estate, hotel, and restaurant investments.
There's the common misconception that restaurants make a lot of money. It's not true. If you look at maybe the top chef in the world, or at least monetarily, it's like Wolfgang Puck, but he makes as much money as an average crappy investment banker.
I've worked on films where the budgets are almost limitless and you're in trailers that are bigger than a hotel room. You're taken care of and the food is amazing, the quality of the job is amazing and then you work on smaller things but it never dictates my happiness or my willingness to go to work.
Today, it's money. There's no question about that. Unless you endorse a grill that cooks hamburgers and steaks, where else can you make the kind of money that you can make in the ring if you're good?
I'd love to get into the hospitality industry, but I just don't have the time.
I've been working in boutique hotels my whole life.
My organization, my colleagues and I, are paid to run hotels in good times and fair times. We're professionals. That's what we do. I don't give a damn about the short-term market implications.