Source : http://www.charlotteobserver.com/
Category : Oceanfront Hotels In Carolina
By : Ann Doss Helms
Posted By : Hotels Carolina Beach NC
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| Oceanfront Hotels In Carolina |
American entrepreneur Michael van Cleef Ault and BK Modi-led Spice Global are in talks to launch boutique hotels and a luxury concierge firm under Pangaea, an ultra-luxury nightclub brand.Ault, whose Pangaea Singapore is one of the most profitable super luxury nightclubs in the world, says the future of his business is in India. And the present of his business are rich Indians - he owes his success to rich Indians' urge to splurge come rain or slowdown as seen in their extravagant spending at the tables of his club in Singapore.
"We get a lot of rich Koreans, Chinese, Swiss bankers, Australians and Americans at Pangaea Singapore, but I must say that the largest, most consistent, loyal and biggest spenders have been Indian guests and most of them are from Delhi and Mumbai," Ault, 50, tells ET. He is in Delhi to check out Pangaea's first nightclub in the country at Ashok Hotel in the capital. The second one will soon come up in Mumbai. Spice Global, which is the major investor in the venture, is also contemplating partnering Ault to open Pangaea nightclubs in international locations such as Dubai and Istanbul. But Ault is most bullish on India. He says the kind of money that flows out of pockets of his Indian guests often amazes him. "You have to look at them twice to believe it," he says.
"They are mostly billionaires with big businesses and tremendous spending power, and book the centre of the room every night," he says. "These guests frequent the club more than I do!" And unlike most global airlines, Ault says Indian guests are well behaved. "They do not get into fights and are polite to our staff," he says. The average per head spend at Pangaea is anywhere from $400 to $1,000 (about 24,000-60,000), much higher than the top nightclubs in Las Vegas where a guest usually spends a $50-100, says Ault, claiming his club in Singapore is the most profitable one in the world with business of $21 million in the first year of operations.
"The kind of business we are doing within the 4,000 sqft space is phenomenally higher than other top clubs in the world, including the ones in Las Vegas which are 30,000 sqft big," he says. There have been times like the F1 race in Singapore, when Pangaea has done business worth $1 million in just one week. And Ault is firm on replicating the success in India. "I believe the brand is already very popular here as the top jet Indians have already been to our clubs in Miami, New York, London," he says.
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