INVESTOR PROFILE: RICH WEISSMANN


KSL announced plans to expand Miraval last year. The company would like to see around six new resorts in the US


“We don’t leave design and development to chance as you can lose a lot of money doing bad renovat ion”


had announced plans to open several new Miraval resorts in the US. Now there’s talk of rolling out the brand both at home and abroad, but where and how?


HIDDEN VALUE


On its website, KSL claims its investment philosophy is not about fi nancial engineering, but about unlocking the “hidden value” of businesses through targeted capital expendi- tures, operational effi ciencies and enhanced marketing strategies. So where does KSL see the hidden value in Miraval? “It’s a brand,” Weissmann says. “Since we’ve bought the business, we’ve had signifi cant enquiries on opportunities either to brand new developments as Miraval or invest in other busi- nesses that are related to what Miraval does. “What we’re focused on now is how to con- nect with guests on a daily or weekly basis when they’re not in the resort. So we’re look- ing at all the different aspects [of Miraval’s


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offering] and asking, ‘how does that translate into a more ongoing consumer experience?’ That might be through creating programming that’s portable or by affi liating with or buying like-minded businesses that have distribution in multiple locations.” In terms of the rollout, Miraval will push ahead with plans to open new resorts: “We’d like to see half a dozen or so. East coast, west coast, probably south-east… we could prob- ably do two in California.” Although details of two sites are due to


be revealed imminently, Weissmann will only confi rm that one is the rebranding of an existing operation in Natirar, New Jersey, already announced by Revolution in 2013. “That’s one of the two, but we’ve been doing some revisions to the programming and design,” he says.


The design and development of prop-


erties is something the company takes very seriously. “We’re very involved,” says


Weissmann. “We’re one of the few funds that actually has a development offi cer and a team [who concentrate on that]… We don’t leave it to chance or somebody else, because you can lose a lot of money doing bad renovations.” In terms of locations, its looking for “places that have a compelling physical presence… in settings that conform with the mindfulness of what Miraval stands for.”


When Revolution first unveiled plans


to roll out the brand, vice-chair Philippe Bourguignon identifi ed proximity markets – within a two-hour drive – as key to making the model a success and Weissmann con- fi rms that this remains a consideration, albeit not a central one. “We want locations that are geograph- ically advantageous as well as having the ability to attract drive-to customers, because they’re more likely to generate repeat business,” he says. “It’s not critical, but it’s something we’re taking account of.”


CLADmag 2015 ISSUE 1


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