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One Man's Opinion Vol 2, No. 9

Travis Kalanick’s resignation as CEO of UBER – arising from both professional and personal pressures – and one other event, slightly closer to home, have made me revisit my earlier two One Man’s Opinion comments on this topic (Vol 2, No. 5 and Vol 2, No. 8).

UBER and Lyft have become omni-present; I have used UBER and Lyft across the United States and UBER in Tel Aviv. I have used Airbnb once and VRBO several times; I have complimented ACCOR on its acquisition of onefinestay and Hyatt when it made an investment in onefinestay before ACCOR bought it outright, in both cases for their attempts to tame the tiger rather than fight it. Airbnb has expanded its offerings to include the “experiential” nature of its customers and the cities in which the selected Airbnb resides.

And, just to show how concerned developers are, Airbnb, VRBO and the others in this space have become mainstream villains in the sale of new resort condos, such that condominium declarations are being drafted to prevent owners from using these entities to rent out their condominiums. The broad language being used speaks to “so-called vacation rental or community marketplaces for cooperative accommodations, alternative accommodations or sharing accommodations) such as Airbnb, VRBO, Onefinestay, Home Away, FlipKey, or similar services now or hereafter existing.” I anticipate that new branded condos built and branded by hotel companies – resort or otherwise – will take similar steps to ban rental through these means.

But, they are here to stay. My own daughter, 11 years in hotel sales with brands and independents alike, has joined a start-up in the vacation rental space, TurnKey Vacation Rentals. And, in a meeting that took place after I started writing this OMO, I actually found a contact for my daughter for her new role as GM of TurnKey’s greater Phoenix area operations.

My thinking on the sharing economy has come around; I find myself thinking about Airbnb and the vacation rentals on every trip and, though I have not pulled the trigger, that’s only a matter of time.

I guess that even an old dog like me can learn a new trick.

Four Corners Notes

In 2005 and 2009, Carolina won the NCAA Men’s Basketball Championship. I was disappointed that we did not get there in 2013 (and crushed when we lost on Villanova’s final play in 2016). However, Coach Roy resumed his quadrennial win streak this past spring with an exciting and hard-fought win over Gonzaga in the 2017 version of the NCAA Men’s Basketball Championship. And, as a capper, two Heels were drafted in the first round (though I wish both had stayed in school another year, especially Tony Bradley). Happily, three other seniors on the NCAA Championship team have hooked on as free agents with NBA teams. And, we had a representative on the Golden State Warriors in James Michael McAdoo, so championship rings will abound at the upcoming battles in Chapel Hill this summer. Go Heels!!

The principal of FCA, Michael Shindler, has over 40 years of sophisticated legal and transactional experience in commercial real estate, of which the last 30 years have been spent in the hospitality field.