An Interview With Ben Elliot

PREV 2 of 4 NEXT

L.G.: In other words, people from Europe coming and spending U.S. dollars as though they're Nicaraguan córdobas.

B.E.: No, I think if you look, the dollar against the euro has taken a little bit of a bashing, but against the pound, it's risen recently. And look, this isn't a new trend. If you speak to Mayor Bloomberg, he'd be saying thank God for all of that European money coming in. No, in terms of New Yorkers, they're still dining out, they're still going to shows, they're still going on holiday. Maybe they won't do some of the things they did, but for the price of the Quintessentially membership, I don't necessarily think that affects us. Now, if we go to long-term decline, I'm sure there are lots of industries that will suffer, and we might be one of those. But I don't think we should be thinking about that. There are lots of people who should be our members who are not, and we welcome them.

L.G.: How many members do you have worldwide at this point?

B.E.: We don't really tell people in any great detail, but we limit it to any specific city we're in for up to 5,000 individuals, because we think if there's more than that, the service starts getting diluted.

L.G.: What's the demographic profile of members in New York?

B.E.: Unbelievably discerning, brilliantly demanding, unbelievably well-connected.

L.G.: If they're so well-connected, why do they need you?

B.E.: People have said that to us since we've started. You know, some of our high-profile members, they said, "Hang on, why do we need a Quintessentially membership?" And it's because we're the most well-connected, firstly; and secondly, you're not going to be unbelievably well-connected everywhere in the world. I mean, I just read a funny email from an L.A.-based film producer who was wanting to be at Manchester United versus Chelsea in Moscow, and he can't get a room in that city. Well, Quintessentially Moscow can get you a room. It's the length and breadth of what we do, and therefore we're able to go and negotiate great rates. If you stay in this hotel where we're meeting today, you'll get the best rates as a Quintessentially member.

L.G.: What kind of discount can you get me at the Gramercy Park Hotel?

B.E.: Well, discounts at the Gramercy Park, um, at the moment they're doing very well, so it's about making sure that you get availability, and if you stay here you can get an upgrade. If you look at any hotels we look after, whether it would be the Four Seasons or the Peninsula or some boutique hotels, one, we will guarantee the best rack rates, and also make sure you get all the best rooms that are available.

L.G.: What's the income demographic of your members?

B.E.: Well, we don't know. One, because we don't ask them, and two, because it's none of our business.

L.G.: You don't ask?

B.E.: No. Our job is to service our members and to look after them, it's not to ask them how much money they've got in their bank account. You would say unequivocally that most of the people would have large sums of income, or wealth, simply because you know the things they're choosing to actually acquire or buy through us.

L.G.: What does the membership cost?

B.E.: These days, it starts at $1,500 as an annual membership, and then there's the next membership up, which is the one that's most popular in New York. It's almost like having your own personal assistant, which starts at $4,500. So you get your own account manager, who will come meet with you, your husband, your wife and partner, or whatever. The membership fee covers everything for you as the member. In terms of the commissions, there are certain vendor agreements that we have in place, but that isn't passed on. It's not that we put the commission onto the price of the members and sort it out with the vendors beforehand. Then there's a membership which allows you to have your own personal account manager in certain cities, so you can travel in four to five international cities or cities in America, and then you get your own account manager, and that's grown massively as well. And that kind starts from $2,000 a month.

L.G.: So you've been following the presidential campaign?

B.E.: Yeah, big time. I think Mrs. Clinton will continue to carry on, but I mean, some commentators, like the New York Times, were saying that this is the final nail in the coffin for her.

L.G.: There's obviously a lot of talk about the economic slowdown. Normal people, regular people in this country, are hurting, gas prices are through the roof, etcetera. This is obviously counterintuitive, what you're doing.

B.E.: The nature of our business is completely international, and you just have to look in other parts of Europe and the U.K. and all around the world, the same question is being asked. We're in Dubai, we're in Kuwait, we're in Saudi, we're in Bahrain, we're in Beirut, Israel, all of those places. We work with lots of corporate partners as well, real estate developers and airlines—I mean I run the first class for British Airways worldwide.And if you've seen one example of a business that's had real trouble probably because of the fundraising ability, it's the airlines. Look at Eos, which is a business-class premium airline, which went into receivership last month. Then there was Silver Jet, which is a U.K. business. But our job is to get our members the best price and the best seats. But to answer your question, while everybody's frightened about what's happening, history shows us that often it's the financial markets, not political leaders, that will correct themselves. I think it's terrifying that oil prices might go to $200 a barrel. It's terrifying for all sorts of people. I think what's terrifying is the commodities, particularly food in some parts of the world. I mean, you read about food riots in the streets of India, in Africa. I've got some friends who work there, and they're having a very difficult problem.

PREV 2 of 4 NEXT