Michael Levie, co-founder of Citizen M and transformation consultant for the hospitality sector, discussed about the art of saying no, while the discussion was constructed around the following questions: How do I build my product? What's the right balance between the ideal product on paper and the reality? What are the levers of operational profitability? What about the next hotel cycle?
For those who are not yet familiar with your journey, could you share your experiences in the hospitality industry with us?
Certainly, one must go back quite a bit. I graduated from IMHI, the Cornell/ESSEC program, here in Paris in 1983, which certainly dates me. First of all, I apologize for conducting this in English. I do speak French, but I prefer not to risk making you laugh too much, so we will proceed in English.
I spent 18 years working with an American family company based in Boston, known as Sonesta Hotels. I progressed through the ranks within the third generation, working in city hotels, resorts, conversions, and openings, managing multiple properties. However, after 18 years, I realized there were no longer any single daughters in the family, and I was married. Thus, my journey with a family company concluded. I then joined a company in the Netherlands, Krasna Polsky, which merged with local Benelux companies and was later acquired by NH. I managed a Northern European portfolio for NH for several years before realizing that I was not suited for a corporate role. It was then that I decided to embark on my own venture, founding CitizenM with two friends. That has been my journey since.
You have traveled extensively and observed many aspects of the industry. Could you share your insights?
Yes, two and a half years ago, I stepped away from the day-to-day operations of running the company. I felt that while we had assembled an incredible and growing portfolio, my contributions had reached their limit. I still wanted to explore other opportunities with my knowledge, experience, and network. Currently, I engage in quite a bit of advising for companies, serving on boards, and enjoying some leisure.
From your perspective and experience, where do we
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