INTERVIEW: CRAIG COGUT
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Cogut feels spa resorts have a great opportunity to impart their wisdom to others
Film: The Third Man Book: Petersburg by Andrei Bely and, in a diff erent vein, The Little Engine That Could Place: Yosemite national park, when not at home Season: Spring Treatment: Thai massage or Chinese cupping Best advice: ‘Always believe that you can beat adversity’ and ‘pick up the phone and call her’ – both by my mother Who you admire: Gandhi. The power of taking ideas from mul- tiple traditions moved millions of people to accomplish so much
The expectation that spas won’t be profi table is self-fulfi lling... they can and do make money
Value creation A spa-lover himself, Cogut refutes the belief that properly managed spas can’t make money. “My view of the spa business is that people really do care about how they look and how they feel and I think the future of the industry generally is a very bright one. “In many properties, the spa can be a
significant contributor, but it’s under- exploited. I’ve heard people say, ‘Yeah, we have to do it’, but I think [that the expectation that it won’t be profitable] becomes self-fulfilling… It’s why we often get spas from other people’s hotels: because we’re focused on it, it matters to the brand and we think it’s really important. Obviously, in a good hotel, the economics will be better than just the spa. But spas can and do make money, and we’re very excited about the spa business.” Aside from making money, Cogut
believes resort and spa operators have a fantastic opportunity to be thought- leaders and educators, imparting learning to guests who in turn impart it to others. An example might be an employer who experiences meditation at Six Senses and
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spabusiness.com issue 3 2015 ©CYBERTREK 2015 Six Senses Qing Cheng Mountain
has just opened and it’s the group’s fi rst property in China
then implements a meditation programme for their staff. “In the resort industry, where we have people in a captive setting, we can really influence people so they come back changed. We have the capability of doing that at Six Senses.” For now, Pegasus has no plans to
acquire any other spa or hospitality businesses – “Six Senses and Raison d’Etre are our focus and our vehicles” – nor is it ready to let go of the investments any time soon. “We’re in no hurry to sell because we think there’s tremendous value creation happening… We think there’s a lot to do to
build out both brands. Obviously we’re a fund and we have to sell for our investors, but certainly not in the short term.” Such is Cogut’s enthusiasm for
Six Senses, in particular, you get the impression that when the time does come to sell it will be with some regret. “I love Six Senses,” he admits. “I vacation there, and it’s because my family and I love what they do – whether it’s the spas, the wellness programmes, the beauty of the setting or the sense of place.” ●
Rhianon Howells is a business journalist and the consulting editor of Spa Business magazine Email: rhianonhowells@
spabusiness.com
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