At the top of the page was the story of another couple who didn't realize that the terms of their interest only loan would eventually change, leaving them on the verge of bankruptcy. Greedy lenders sold them a bill of goods and now they have determined that the American Dream is dead (Loan by Loan, the Making of a Credit Squeeze). I guess people still read this stuff but I don't find it interesting or helpful from a business perspective.
Down below was a profile of Ian Schrager's latest venture
with Marriott. Schrager is known for inventing the concept of the Boutique Hotel, an idea that has transformed the lodging industry. He now hopes to take this concept mainstream with the help of Marriott's marketing prowess and strong network of development expertise. Schrager's passion and commitment for the industry is inspiring. Pondering how this concept might translate to the multifamily industry is intriguing.These are the types of stories that offer valuable lessons for real estate professionals. They keep us thinking creatively about how we will shape our business, regardless of the economic conditions that the market presents to us.
Schrager himself once portrayed the greed and financial despair that we see in today's housing market headlines. He was convicted of Tax Evasion in the Late 1970's and filed for bankruptcy in 2005 due to a hotel deal gone south.
Perhaps this marriage of Marriott and Schrager is exactly what every industry and corporation needs. Sound fundamental business values, an uwavering commitment to customer service and marketing genius coupled with a passionate, creative and driving entrepreneurial spirit. A healthy check and balance on a variety of levels.
The ultimate outcome is still a long way off but I will be rooting for the success story. And more profiles in the business section with a positive takeaway.
No comments:
Post a Comment