KSL Capital Partners

“And coming out of that, what Mike always said was, inspect what you expect. Getting into the weeds like that, I think, while some could certainly say it's overly micromanagement, it set a tone culturally for those details mattered.”

“We think there's a really unique opportunity to combine lower entry points for pricing because higher interest rates mean you can't pay as much for something a day. Yet still have this long-term, very favorable consumer outlook. So to us, it's a really good ti…”

“The hotel companies themselves have evolved. They started off as hotel owners, like Marriott and Hilton and so forth. First, they were hotel owners. Then they were managing hotels for third parties. Then they really became franchisors. They have wonderfully po…”

“So I think in the next two years, we're going to see more of that.”

“Someone who tends to look at urban hotels, 80% plus of the revenue, maybe even 90% is coming from the hotel room rate. You go into the resort world, perhaps 30%, 40% of the revenue is coming from the hotel room rate. All the other revenue comes from everything…”

“Generally speaking, we want two-thirds or more of our businesses to be real estate intensive.”

“And then you balance that with say, 20 or 30% of the portfolio That has more of a growthy consumer profile that may be less capital intensive, but that adds some extra alpha too. But there's probably a bigger range of investment outcomes.”

“We tend to focus on the leisure part of the travel business, less so the corporate travel or the urban hotel. We do some of that opportunistically, but we're primarily leisure focused, about 90%.”

“It's really important to distinguish between what drives the customer experience and what's just cost for cost sake. We don't need to have a fancy back of house, but we need to have really appropriate amenities, the pool, the spa, the gym, the restaurants, and…”

“We love to invest thematically. So we identify a theme that we believe has legs, and then we like to vertically integrate so we can own both the real estate associated with that theme, as well as an operating capability. So build out a management team that can…”

“And in doing so, the one thing you know is that you're wrong the moment you start. That's the reality of every model. And we can't take them as gospel because I don't think we've ever hit a model spot on. It's virtually impossible. So it's understanding the im…”

“You can't generate 15, 20% returns without actually taking risks. So not every risk is mitigated. Some aren't and they can go wrong.”

“When we think of clubs, we think of an opportunity for people with a like-minded interest to come together, and by pooling their resources effectively, they get access to something they couldn't otherwise get access to.”

“We've lost money twice. Across however many hundreds of investments we've made.”

“We're one of the only groups that focuses on it at scale. I think we're the largest private investor and travel and leisure businesses in the world.”

“The two times we've lost money, if you can create a theme, I would say is we had a very charismatic seller slash founder of a business that was staying involved, and it was a business that we didn't have as much domain expertise in going into it.”

“About half of our deals, a little bit more, end up being hotel related. The other half tend to be split across all those other segments.”

“And we've gone from about one third of our deal flow being proprietary to now two thirds of our deal flow being proprietary.”

“When banks have to tighten up on their lending requirements and reduce their balance sheets to our sector, we're going to be at or near the top of the list of who they're going to lend to. And I think that's a logical reaction for banks to have to tighten in a…”

“Fundamentally, if we can take a complicated asset, if we can simplify that, stabilize it from a structural perspective, from a physical perspective, upgrade the asset, make sure it's in great condition, Really show the market what it can be. What we do is we o…”

“While very inefficient to empower all your people to make individual decisions, because at times you can feel it's like a box of chocolates. You don't know what you're going to get all the time. That leads to the best long-term outcomes.”

“And we had the idea of basically taking what were then, I think, 15 or 16 ski resorts that we had owned, that we bought through five or six different transactions, merged them together, and started with that core at Uculus. And from there, we partnered with an…”

“If you don't really understand the complicated rule set of running a retail shop versus running a hotel, running a restaurant versus running a golf course, running a spa versus running a health club, then what can be a 30% margin business can rapidly become a …”

“And now one of the things we look at a lot is, so how did something do during COVID? And before COVID, it was how did things do during the GFC? And we still have access to that data typically. So we've stress tested this industry incredibly significantly in th…”

“Leverage is the enemy of liquidity and liquidity is where value comes from.”