Originally Posted by
AlwaysAisle
I was referring to customers of LVMH businesses around the world, not employees and shareholders.
Sorry, but I misread this part of your post. Yes, I can see global LVMH customers as being high-potential targets, but to what extent they will show up as customers, I don’t know.
Originally Posted by
AlwaysAisle
The price of the room plus revenue from hotel restaurants, hotel restaurants is at the top of things to do on special occasions for local Japanese, I will not be surprised if Bvlgari Tokyo will break even with 50-60% occupancy rate, which could be below that. Pre-COVID 2018 hotels in Tokyo averaged 81.9% occupancy rate, this is the average for the entire Tokyo prefecture, so I assume a higher occupancy rate within Tokyo's 23 wards. With the name of Bvlgari and the location of Tokyo, it is possible that Bvlgari Tokyo will do fine with US$2,400/night.
I agree with you that Bulgari restaurants and the Bulgari Hotel as high-prestige venues for weddings and events will be an easy sell in Tokyo, I think they will outperform Aman Tokyo in the restaurant and event space, as high-end European prestige is an easier sell in Tokyo than the austere Aman vibe. Actually, I noticed that a base room at Aman Tokyo was going for $2,400/night just a few days ago but is now down to $1,500/night. I even remember as recently as several months ago seeing Aman offer a room rate in the $700/night range, so once Bulgari goes through an initial phase of feeling out the market, I suspect that they too will lower their room rates from time to time as the market and season dictate.
Originally Posted by
AlwaysAisle
There is a story about high-end ryotei (restaurants) in Tokyo and Michelin Guide. This has been reported in the media in Japan and sounds like the information came from Michelin in Europe. Employees involved in Michelin Tokyo Guide talked about their experience. When Michelin published its first Tokyo Guide in 2007, it used the connection of corporate Michelin in France to gain access to high-end ryotei in Tokyo. After the initial visit, they revealed to ryotei that there were from Michelin and they would like to work toward listing their restaurants in the new Tokyo Guide. Most ryotei told Michelin that they were not interested in listing on the Michelin Guide, and told Michelin not to publish their name, location, contact information, and anything associated with their restaurant. Them most ryotei told Michelin that Michelin is no longer welcome at their place.
An interesting story that underscores a unique cultural aspect of the market and how some Japanese businesses, especially traditional ones, approach exclusivity. Though it is definitely not a behavior that you can expect to see from Western hotels or restaurants in Japan.
Originally Posted by
Pickles
I disagree, actually. This particular demographic prizes loyalty above all else, and there is an expectation of reciprocity. Have you ever been to (or passed by) the Ranzu coffeeshop in Ginza? A very loyal clientele, indeed. I used to live down the street from Takeshi Kitano, who would regularly stay at a place down the street with all kinds of interesting clientele (and clearly loyal, as it was always the same characters in their Bentleys and black Vellfire and Alphard vans). It is now the boutique luxury hotel "Allamanda Aoyama", and I can well see the Bvgarish hotel in this model.
I see your point, as I can see ビート君as having チンピラtendencies and perhaps some of his inner circle too. I’m not familiar with Allamanda Aoyama, but it appears we spent time in the same area, though the hotel post-dates my time there. I often stayed very close to Gaiemmae Station (on the opposite residential side of the street from said hotel but used to jog in the morning in Meiji Jingu Gaien) on short trips to Tokyo back in the 70s. The whole Aoyama area was one of my stomping grounds and I also sometimes stayed at the President’s Hotel (which I think no longer exists) in Aoyama Itchome near what is now the Honda Welcome Plaza at the intersection. That said, I never had the pleasure of running into ビート君 in the area, although he wouldn’t have been that famous yet when I was there. So, he is representative of the “hypebeast chinpira” demographic? Interesting.