The closing keynote of this year’s International Hotel Investment Forum was a well-known entrepreneur from the United Kingdom, Simon Woodroffe, whose YO! company is responsible for the YO! Sushi brand and more recently the Yotel concept.
Yotel’s brand promise is to deliver the first class airline cabin experience in a small but comfortable space with luxury bedding, “monsoon rain” showers and tech amenities. So far, the concept is successful in London’s Gatwick and Heathrow terminals and Schiphol Airport in Amsterdam.
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| An IHIF attendee takes a seat on the Yotel seat/bed during a break at the conference. |
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Yotel Times Square, which will open mid-2011, will have 669 cabins of 170 square feet (16 square meters) each. Boasting occupancy as high as 250 percent (rooms are rented hourly) in London, Woodroffe was a beacon of hope and progress, who capped off a decidedly upbeat conference.
But it wasn’t just the success of the Yotel business that inspired attendees, it was Woodroffe’s passion.
The idea for Yotel came from a lucky first-class upgrade, which led Woodroffe to translate this into a hotel product.
“I always do things because I believe in them first … not because I see a gap that has to be filled,” he told the audience.
And if there’s any magic to the business, it’s quality. “What people want is sleep,” he said. “It’s about aspiration for a luxury item.”
So, think of this as the Heavenly Bed 4.0. Not only is it all about the bed, it’s almost ONLY about the bed. The model room at IHIF featured a futon-like piece that is then expanded flat for sleep. Add some Egyptian cotton linens and funky purple mood lighting, and you’ve got yourself a rule-breaking, closet-sized money maker.
While the concept has taken longer to take off than Woodroffe thought it would, he is confident Yotel—“the iPod of the hotel industry”—is now in a period of fast growth.
As the industry mood begins to improve, it’s unique products such as this that will hit the ground running.
I leave you with Woodroffe’s thoughts on success, given in the form of a poem by Felix Dennis.
“How to Get Rich”
Good fortune? The fact is
The more that you practise,
The harder you sweat,
The luckier you get.
Ideas? We've had 'em
Since Eve deceived Adam,
But take it from me
Execution's the key.
The money? Just pester
A likely investor.
To get what you need
You toady to greed.
The talent? Go sign it!
But first, wine and dine it.
It's tedious work
With a talented jerk.
Good timing? To win it
You gotta be in it.
Just never be late
To quit or cut bait.
Expansion? It's vanity!
Profit is sanity.
Overhead begs
To walk on two legs.
The first step? Just do it
And bluff your way thru' it.
Remember to duck!
God speed...
and good luck!
