Video:

Luxury experience is getting harder to create

Author: Ramsey Mankarious

Categories: Luxury Hotels, Technology
Tags: mobile technology, product, rooms
Luxury experience is not as impressive as it once was in an age of technology. In this TV show Ramsey Mankarious of Cedar Capital Partners discusses challenges facing the luxury market.

Luxury experience vs Real life

Luxury, definitely, it's getting harder and harder. Historically you went to a hotel and it was better than your house. The hotel had the cool bathrooms, it had the beautiful marble, room service. Today people's homes are almost better than hotels, people are much higher level- their expectations are much higher than than what you expect, so it's not only delivering that wonderful room product, but something that's different that they cannot get at home, because I have, my house, I have a beautiful big screen TV with surround sound, coming to a hotel with a, you know, 40 inch screen isn't that cool anymore, you know, you need something different, that's that's a norm. So it's a challenge is, always trying to be ahead of the guest or consumer in terms of what their expectations are, and particularly on technology, it's very hard to do because it moves so quickly, and you do your hotel with 200 rooms, you change 200 TVs and then the next thing comes out, and you know, you just spent a fortune on the TVs, and now everyone has their iPad and don't even look at the TV – how many people pay for TV anymore, everyone has their, you know, things on their own computers. So that's a challenge, and it's very hard today, with all the technology, to keep up with it, but that's part of the challenge we face.

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