Page 230 - The New Gold Standard

PRINCIPLE 5: LEA VE A LASTING FOOTPRINT
They enter through the gates, using the communication system,
and by the time they drive up to the golf course, the caddies al-
ready know they are on property and greet them by name. A lot
of Clubs don’t go to that effort. What’s even more amazing is
when our friends come back another year, the staff remembers
they’ve been here, call them by name, and welcome them back
again. It’s not just about the beautiful golf course or the ski lift
right out the back door—it’s about the attention.”
Given that guests relish the elegance and service delivered in
the Ritz-Carlton hotels and Clubs, the brand was further ex-
tended into day-to-day lifestyle offerings in the form of the Ritz-
Carlton Residence concept. The Residences are privately owned
properties, overseen by homeowners’ organizations, and profes-
sionally managed and served by the Ladies and Gentlemen of
Ritz-Carlton. The breadth of services enjoyed by these property
owners includes everything from housekeeping and valet to
concierge and gourmet dining, all of which are offered in a “five-
star” environment. Strategically these Residences are developed
adjacent to Ritz-Carlton hotel properties in highly desirable ar-
eas such as Georgetown, Toronto, Boston Common, and Grand
Cayman.
John Cottrill, senior vice president of The Ritz-Carlton
Clubs and Residences, shares the economic benefits of building
mixed-use hotel and residence facilities: “From the standpoint
of developing a hotel project, mixed-use real estate has been in-
strumental in getting proper financing since the developer can
actually buy down the debt through the sale of real estate. When
you add that to the Ritz-Carlton brand premium (significantly
higher than the competitive values), it is a strong incentive for
developers to create a mixed-use development.”
But there are longer-term financial benefits for the company
as a whole. As John explains,“When people buy a Residence, they
are not only buying the hard asset, where they live, but they are
buying an investment property as well. They are buying the Ritz-
Carlton brand and the luxury lifestyle experience. The brand

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