CLAD 2015 issue 1

INVESTOR PROFILE: RICH WEISSMANN

“We’ve invested through good cycles and bad cycles and been successful at it”

Clodagh allowed the views to take centre stage in Miraval’s residential villas

done successfully at Tucson and elsewhere and I think people are looking to incorporate wellness into their lifestyle, but it’s got to be done thoughtfully.” But creating standalone residential com- munities is another matter, he feels. “If you lived in a Miraval community, you might take a fi tness class but you’re not going to have a facial or massage every day. In a resort, your guest is only there for a short period, so is more likely to try those services. The model is very diffi cult at the pure residential level as opposed to residential and resort combined. First and foremost, it has to be a successful resort.”

GLOBAL PLANS Further to its plans to roll out Miraval at home in the US, Miraval is also looking at global opportunities for the brand. “We think the name would translate well

CLADmag 2015 ISSUE 1

internationally,” says Weissmann.. “[We also believe] the international trav- eller is looking for the same type of spa and wellness experiences as our domestic trav- eller, so we think it will work. The question is how do we do it and where do we go? I think the very fi rst one outside the US has to be very thoughtful.”

The first site, he adds, is likely to be in

Europe – the Denver-based fi rm has an offi ce in London, and at present its only non-US invest- ments – including The Belfry Hotel & Resort, the Hotel du Vin and Malmaison hotel chains and Village Urban Resorts – are in the UK.

LOOKING AHEAD TO THE FUTURE, Weissmann sees the biggest challenge for the spa industry as “discipline, and being able to deliver a relevant product on a cost-effective basis for both the operator and the consumer.”

Part of rising to that challenge, he adds, will

be creating spa and wellness opportunities that are meaningful not only for the current generation of core spa consumers – those who are aged 45 and over – but also the millennial generation coming up behind them. Weissmann is confi dent, however, that the spa sector – and indeed leisure and travel in general – will continue to be attractive to inves- tors, even in these uncertain economic times. “While [travel and leisure spending] is

discretionary, given the extent of global travel today, recession in one place doesn’t necessarily mean your business is going to suffer a signifi cant decline. “We’ve invested through good cycles and bad cycles and been successful at it. I think that just refl ects having an eye for what is relevant to the consumer and being able to offer value.” ●

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