S16 E06: Dayssi Olarte de Kanavos, Co-Founder, President, and COO of Flag Luxury Group

[Music] You're listening to the luxury item, the podcast on the business of luxury and the people and companies that are shaping the future of the luxury industry. Here's your host, Scott Kerr. [Music] My guest on the luxury item is Daisy O'Larte de Canabos, one of the most influential figures in luxury real estate and hospitality. Daisy is the co-founder, president and COO of Flag Luxury Group, a privately held New York-based real estate development company that concentrates primarily on luxury hotels, branded residences, and land-based entertainment and retail projects in high-growth gateways, like New York Miami San Francisco or Orlando and Las Vegas. In notable projects include the Ritz-Calton, New York Nomad, a 500-plus foot tower with about 250 hotel rooms and 16 branded residences. Also several major South Beach projects centered on Ritz-Calton branded hospitality and residences, plus historic hotel developments. Daisy began her career in New York as a commercial real estate financial analyst and broker before co-founding Flag Luxury Group in 1997 with her husband Paul Kavanaugh's. As president and COO, she is involved in site selection, financing and acquisitions, branding, hotel management contracts, design, programming, zoning, construction, and asset management for a Flag Luxury portfolio of hotels and mixed-use developments. She also co-founded the Women's Power Series, a platform she runs with her daughter Sophia to celebrate and power and connect women in business and other fields. Welcome to the luxury item, Daisy. I thank you for having me, I'm very excited to be here. Thank you for joining me. I'm very excited to be here. Yes, and yes, I think that one of the things that really drew me to developing real estate was this strong connection to creating something physical and being a part of that, right? Being a part of creating what is the guest trajectory, the guest experience, imagining how hospitality can change and evolve and be a part of it and also be able to work with incredibly creative teams. When you're on the operating side, you don't necessarily choose what the guest trajectory is. Sometimes you have to live with what somebody else imagined and you have to make do is whatever that is. And I really prefer to have more of an influence from the get go and be able to reimagine hospitality in a different way in a way that I thought was more meaningful to me as a young person that loved to travel and have new experiences. So your career shifted significantly when you met your husband Paul Kahnavos, who had deep family ties to the hospitality industry, his family develops some of the first married and holiday in hotels and other major properties worldwide. That Marriott relationship to help you secure the exclusive rights to build Ritz Carlton hotels and residences in Miami-Dade County and flag luxury was essentially often running. So now that you are on to your own banner, do you have a clear brand positioning for flag? Yeah, it's really interesting when Paul and I started working together in the late 90s as his family business was winding down and they had morphed from hospitality and switched to single family home communities and golf courses. And they were in a completely different business, but the brothers had decided that they didn't want to continue the business after the father died. So when when I was graduating from NYU, getting my Masters in real estate development, I was going to partner with two friends to start real estate development always having a keen interest in developing my own hotels. And Paul suggested that since he was winding down, we might as well partner together. And he wasn't as interested in hospitality because even though his family heritage had so many incredible hotels that his family had already developed internationally and all over Boston, they were not excited about that business. And for me, I was really passionate about it. So she knew that if you wanted to be my partner, we had to get into the hotel business. And for tourists, like you said, we received, you know, through his family connections and his prior business, the exclusive to develop Rich Carlton hotels in Miami-Dade. And that really solidified the future that I saw for myself and for our company. And it was exactly what we wanted to do. And we always positioned flag luxury as a boutique development firm that would focus on gateway cities only on the very best locations in those gateway cities. And really tried to develop the very best luxury hotel experience that we could imagine for our customers. So that was really the defining moment for us where we decided to help the Rich Carlton brand come to Miami-Dade. They had a goal of 50 hotels that they needed to get under their belt within a short period of time. And that really launched us and sent us on our way. And, you know, we had incredible experiences developing the Rich Carlton coconut grove, which was the first hotel that we ended up doing with Rich Carlton. And that hotel, you know, the Rich Carlton at the time still had this old-fashioned, queen-and-style of hotel. They thought that that queen-and-style had to be the same in every hotel that they opened. So of course, it being our very first one, we obliged and, you know, built for them exactly what they wanted. But after acquiring the Delito hotel that was incredible in Miami-Modern, Jewelbox, we realized that how awkward would that be to build a queen-and-style hotel in this Miami-Modern location. And having that, you know, cooking a grove under our belt, it really gave us more confidence to approach the Rich Carlton and the Marriott team about what our vision was for the hotels that we owned and how passionate we were to help redefine what luxury is for the luxury at the time. Because luxury is always evolving. And we felt that the stuffy service or the stuffy, queen-and-style wasn't something that was going to fit in this very dynamic Miami-South Beach market where there weren't really many hotels at all. I mean, it was the Delano, I don't think maybe the lows was going to come open around that same time. And so there wasn't really a lot going on. But the market was very young, very dynamic, a lot of fashion people, photographers, a lot of Europeans. And we felt that we needed to really find that. So I would say those true properties really helped us consider, you know, how we were going to impact this industry and how we were going to approach luxury development. As a boutique developer and as a company that we decided we weren't going to just turn out product after product to keep our teams busy. But rather, we were going to cherry pick and only get the very best properties and really put our whole passion and heart into creating these incredible properties versus what you might see if a private equity, you know, by as a hotel or, you know, a bigger firm where they don't have necessarily the time to do any of, you know, create something that's so passionate and meaningful, you know, for the customer. Sometimes they become a little cookie cutter and we were very much against doing anything like that. like that and we really wanted to always be unique in all of our projects. - So for that South Beach project with the Delito Hotel Building, which you restored and modernized, to that approach to that project, to that end up serving as a model to show how a luxury hotel and brand residences could actually coexist? - Absolutely, except that that hotel we did not have branded residences at the time. That's something that we're actually building right now, as we speak, but at the time, we did not have branded residences, but what it did show was that the heritage brand, like Ritz Carlton, could evolve and could satisfy their customers without having to be cookie cutter. And we really showed that we needed to fit better within our surroundings and within our market. And so we created an incredible experience that embraced the Miami Marta and architecture of Miami and of Moore's Lapidus, which is the beloved architect of Magnifique. And that was something that was, you know, a little bit difficult at the beginning with Ritz Carlton, it was Marriott because, you know, they wanted like that color carpets everywhere and you know, things that were more heritage and they had very hard prescription for, you know, what the brand standards were and the materials that you were allowed to use. I mean, for example, we had to restore the hotel for to get our approvals for the hotel and keep certain elements. One really important element, the city of Miami Beach, one of us to keep was the incredible Tarotso floor. So a black Tarotso floor is something that Ritz Carlton never imagined they would have in their hotel. They thought every hotel had to have marble, right? And so this was a huge departure, but of course it was either that or it couldn't be that brand, right? We couldn't get the city to budge on removing the Tarotso, they wouldn't let us remove it. And we thought it added an incredible charm because it didn't feel right away like, oh, this is just a typical hotel with marble on the floor, right? Like you have Tarotso, it just feels different. The furniture falls different. We had the beautiful, more as lapid as curved lobby. And the furniture needed to fit within that. But yet still feel luxurious and still feel elevated. And of course, we trusted that Ritz Carlton would bring in that service aspect that is so important, right? That personal touch and that anticipatory service that you're required to have in a luxury hotel. So flag luxury went on to develop and co-develop a series of additional luxury hotel, residential and mixed-use projects in Florida, New York, the Caribbean, and Las Vegas, most recently developed the Ritz Carlton, New York, Nomad, a ground-up luxury tower with hotel rooms and branded residences. You've described the firm's passion as development, construction, design, and creating the ultimate guest experience, treating the physical asset as a tool to deliver feelings of comfort, ease, and delight rather than just square footage. So what goes into studying who your customers are and then shaping layouts, amenities, services, indoor, outdoor living, et cetera, to match those lifestyle patterns? - It all much goes into that. I can't even begin to explain, but a lot of that comes from, it's a combination of the data supported by the brand. So depending on what brand it is that we're working with, and while we've done Ritz Carlton hotels, we've also done an independent hotel. We did a region, we are now building and into continental, and we originally were salated to build one of the first Fakarat hotels or N St. Regis, but after 2007, we had dropped those projects. But we're open to developing with other brands, but we have mostly developed with Ritz Carlton, and I would say the brands do so much study and work on not just the demographics and the psychographics of their customer, but they know every detail about their customer base and what their customers are looking for, what the pain points are, what is improving their customer service, and they rate everything from the customer's intent to return, to recommend the hotel, and things like that. And so we really take to heart all of the data that they're providing to us. And then we also have our own information about the market that we're in, and we consider ourselves experts in that market. When we're trying to build a hotel, we do quite a lot of research into the market that we're going to open in, and it's usually markets that we're very familiar with, and where we know the local community, and we know very well who's traveling to the area, and we know what people are looking for. Very often we see ourselves as the guest, right? We are a typical Ritz Carlton for seasons, or any of these other luxury brand guests. And so being able to use yourself as a guinea pig, I think is also really important, right? Being a traveler. And I think that what separates us is really that passion for hospitality. We see the pain points when we travel to hotels, or we see what certain properties do better, or who's doing it best, and very often, it's that single proprietor whose life and passion is that one property. And we take a lot of cues from those kind of proprietors to develop the kind of experience that, we hope we can deliver to our customers. And so we work really closely with the brand to make sure that the bricks and mortar are working with the experience as they want to deliver, and that we want to deliver. So for example, here in Nomad, I knew that I wanted to welcome my guest to a New York experience that felt authentic. And considering that New York is a place with a lot of hustle and bustle and concrete, I wanted to make sure that when my guests walk into my hotel, they feel a certain level of calm, like they're somewhere that is there, oasis. But at the same time, I was looking to attract a younger customer that wants to go into a hotel that also has a little bit of a vibe and has a feeling of, oh, something is happening here. I'm not just at a luxury hotel where you have to whisper and be really quiet and not have any fun because it's so formal. And so we created this incredible living room, experience with New York-based artists. So the art is a reflection of what perhaps a New York resident would have in their apartment. And I tried to envision what would it be like if I had to welcome somebody to my home and what do I want it to feel like. And so we created this incredible, warm living room where you can have a cup of chino or have a martini. You can have a casual meeting for business or meet up and catch up with a friend. And basically that is what that lobby and that lounge is used for. And it's vibrant, it's energetic, it feels just right. And we even have people in the community that come in and use the hotel as part of the community, which is something that we also think is really important, is to be a part of the fabric of that community. And so when you're designing places and you're working with your architects and your interior designers, it's really important to tell them who you want to be and for them to imagine that customer trajectory and the feeling so that we want to evoke. And so you use the physical space to evoke it. And then of course, this is a people business. So it's really down to having great teams like the Hozandra's group that services all of our restaurants, both in New York and in Miami, and bring that experience alive along with the Roots of Carlton experience that is unparalleled. Yeah, you were talking about younger consumers, younger guests. And the last few years, large hotel companies have been acquiring lifestyle brand after lifestyle brand. So a lot of aggressive competition has to do with changing traveler sentiment. Gen Z and millennial consumers are looking for those authentic experiences and value design and uniqueness and restaurants and bars and hotels. I'm sure Roots Carlton's customers are getting younger too. You touched upon it a little bit just now, but how does flag looks rethink about design, the use of space, food and beverage, social experiences, et cetera, when building for the next generation of guests? Well, we're always thinking about that. And especially now that we have three adult children, they're very vocal as to what they want and what is interesting to them. And having a focus group at home. is probably the most interesting part of our business. We have three children that grew up in this business and are very vocal about everything. And two of them went on to the hotel school and they are hotelies and they are also working in our business. And that does help shape what we do. And I think that luxury continues to evolve. So the days of having three meals a day, formal restaurant, white table cloth, with the tables far away from each other and super quiet. I mean, that's over when you're requiring people to wear dinner jackets and things like that. Luxury today is being able to have dinner in your jeans and being able to order caviar or champagne or spend as much money as you want, but you need me to subscribe to a specific dress code. I mean, of course, we want people to be dressed to impress and not sloppy, but having a formal dress code, I think it's really updated. I don't think anybody is doing that anymore, even in most offices. There's no jackets required anymore. It's all business casual and people are very casual, which is how people are today. And I think we have to approach luxury in that sense and meet people where they are. So the tables at the restaurants are closer together. The volume is a little bit higher. The vibe is happening. And people aren't having the stuffy caviar service. Maybe they're doing caviar bumps. And they love martini carts and they want to have experiences that they can see happening in front of them. It's exciting to see a martini being me just for you in a beautiful cart. People love that even if they're not big drinkers or having the bartender create one of our famous cloud drinks, that have these beautiful clouds that swirls around in your glass. I mean, it's exciting, it's fun, it's aromatic. It appeals to all of your senses. And I think that's what's really important today that when a younger customer finally wants to unplug, they really want to appeal to all their senses. So they do want to unplug. So that they're not all staring at their phones because the experience is so interesting. And we've got a fagra wrapped in cotton candy at the bizarre hotel. And it's just such a delight. It's one of my most favorite desserts. And when you're delighting and surprising your customers and you're taking the vow of wherever their head was before and really bringing them to the present, I think that creates a really successful interaction between the hotel, the restaurant and the guest. And another thing about luxury hotel guests, it's soon, they expect frictionless, type or personalized experiences and AI and guest preferences data are driving a new level of anticipatory, individualized service. How does flag luxury think about AI and technology and delivering tailored guest journeys and even using predictive hospitality? I can tell you that it's something that we push to get into our properties as much as possible because we feel that the technology isn't something that's going to detract from the guest experience. It can really enhance it. And I know like 20 years ago when we were pushing more technology in our hotels, a lot of senior management people felt that technology would remove a person from experiencing personal experience. However, our argument has always been, the more somebody can avail themselves of technology, the more free time you're giving to that employee to actually spend time with your customer, right? Because they're not worried about the backend or the research and all of the things that you need to do to deliver great service. So having predictive AI, having, you know, being able to, you know, get concierge service to text or WhatsApp or, you know, any of these kinds of services really just helps free up people's time that they could spend with your customer getting to know them better, having conversations with them, and feeding the better information into any of these new technologies, right? Because you still have to feed it information. It's not a one-way street. It doesn't just come from technology to you. It has to start with the customer, with their experiences, with their goals, with their desires, with their questions, and then you feed that into the AI, and then, you know, you get a lot better feedback, right? It's a whole loop of service. So we push for the best technology at all times. - I want to shift the conversation talk about branded residences. The rise of ultra-high-knit, worth individuals and global wealth expansion have really fueled demand for branded residences. Flag Luxury Group also developed luxury residential in tandem with its core hotel business. Its residential work is typically branded residences attached to luxury hotels. Ritz-Colton-Service Pen Houses and residences and projects of the Ritz-Colton, New York, Nomad and South Beach, rather than large portfolios of unbranded condo towers. How is luxury residential different from other sectors when it comes to consumer expectations and positioning? - The big question right now, in this business is that people, developers are thinking that if they put a brand on a condo that it's going to speak to every customer that they're looking for, but they're not looking at what that brand represents. So I'm still, I think the jury's still out on weather, like non-hospitality branded residences are going to be successful and are going to resonate with the customers. And we won't know that for a few years until we see more data on it. So you have car companies, clothing companies that are getting into the space, which for those companies, it sounds like a good strategy, right? Because they are going to get revenue from these developments, but for the developer, are they really adding value? I don't really know yet. I'm a little bit worried about it. The reason why I say that is because when you brand your residence with a hospitality firm and it has a hotel attached to it, you can offer a guarantee of terrific service. People know what you're going to get when you are selling a Ritz-Kolton residence. They know what it means to stay at a Ritz-Kolton hotel. It is the most recognized hotel brand in the world. So it's a guarantee of service, of living, of lifestyle, that they understand what that will be. But you don't know what a car company, what does that mean for you living in a home or going to a hotel with that name? They haven't proven themselves and they haven't proven that they understand the service aspect because that's not necessarily their industry. And so I think the jury's out. I personally wouldn't jump in with a brand that isn't a proven hospitality brand, unless it's an unbranded. You have the best location in the world with the best view and all of that, then maybe you don't need a brand at all. But if you're offering the services that people want, which is people want room service, they want to avail themselves of great concierge, of people that can organize trips and babysitting services and moving services and all the touch points that are needed, you know, for a luxury stay, they know that a company that is a hospitality brand knows how to deliver that. And so it's that delivery, that experience, and being able to make a truth of that customer and not only make it authentic, but really genuine. You know, people use that word authentic a lot and what does that mean today? I mean, the idea is that it's genuine, that it's true, that there's hard in it. And that's the same with luxury. It's not just about getting the most expensive materials. It's really about, you know, the artistry of design, you know, things that are, you know, bespoke and, and have a thought process behind them with that guest journey in mind. The architectural and design narrative is fundamental in selling a high in residential product versus traditional amenities like gyms and concierge services. And at the end of the day, firms like Flag Luxury are stewards of the built environment and the physical structure. The architecture defines the building's legacy. How do you go about telling a story around each luxury hotel or residence project? Like take the Ritz Carlton, New York, no matter what. that was so interesting because we had a relatively small footprint to work with and we wanted to have this big program, you know, three restaurants, bars, a big spa, meetings, space, terraces and whatnot and rooftop and not a lot of square footage. So when we originally did our contest between the architects and we had five of the top architects and the world come and present to us, we ended up working with Rafael Vignoli because he understood from the beginning that we needed to build this hotel from the inside out. And normally when you get a great architect and a famous one, you know, they have a vision for what that building is going to look like on the outside and then you have to figure out how the pieces fit on the inside and that creates an incredible compromise to the guest experience and all, you know, for the benefit of the outside. And so we were very, very focused that this hotel had to be built from the inside out and that was the directive that we gave every architect, but, you know, they each presented their own ideas where they didn't really fulfill that promise but Rafael Vignoli did. And he was so interesting and fabulous to work with. I really enjoyed sitting with him across the street, you know, the Nomad hotel that was originally Cadi Corner to our hotel had this beautiful library area and him and I would sit in that library and draw. And talk to him about what was important about the entrance, about the restaurants, about the trajectory, the rooms, the view. And we would work on, you know, the design and the floor plans and the test fits day after day sitting there in that library and it was an incredible experience because it really helped us create that environment that we created, you know, then and there. Because I think you want to achieve several things when you're building, especially in new building, I would say number one, you want to make sure it'll stand the test of time. You want to make sure that what you're building isn't something that somebody's going to want to demolish after 50 years because it was a fat or, you know, it wasn't well built, it wasn't well thought of, it didn't fit into its environment. So you want to make sure that it will stand the test of time. You also want to make sure, like I said, that the inside works for you and that you're going to deliver the best possible experience for your guests and you have the right trajectories and that you're also going to have a return on your investment. So you're not building more than what you need, you're not building less, you're building exactly what you need and that you have a return. And I think that's really important because nothing we don't do anything for return on ego. And I feel like feeding into your community is also something that's really important and listening to what the community wants, what they need. And so the architecture has quite a lot of boxes to tick and it's not just bricks and water and it's, you know, how do the neighbors see you? How do they perceive you? Is it going to be a welcoming building? Is it going to feel like there's a velvet rope outside? Is it too private or things like that? And we ultimately felt that this was a hotel that should feel warm and welcoming. And we personally feel that, you know, those days of having a velvet rope outside of, you know, all of these lifestyle hotels is not the experience that are true luxury customer wants. You don't want to feel like you, besides paying, you know, that incredible room rate, somehow you have to have other reasons why you deserve to get in, you know, you know, luxury is the luxury hospitality is welcoming and warm and friendly. And so we feel that those days of that velvet rope are over because that is not true hospitality. And I think that, you know, an incredible architect, somebody like Rafael, they really helped us figure all of these living features out. And we were really proud and excited to have been able to work with them. It was this only hotel. In interviews and profiles, you speak openly about the challenges women face in real estate and leadership, emphasizing the importance of women supporting women and cross generational mentorship. You've been actively involved in the women's movement as a founder, organizer fundraiser and public advocate for women in business and the arts. Among other things, you co-founded the women's power series with your daughter, Sophia, creating conferences and breakfast in Miami in New York that bring together hundreds of women across industries to network, learn and mentor each other. How did the women's power series come about in the first place? It's interesting how it came about. It actually came about when my daughter started working after graduating from Cornell. She was working at Starwood Capital. And, you know, in a male dominated field. And in their, you know, realistic group. And she, she and I were, would always talk about how interesting it was that very often we were the only women in the room. And in my rooms, I'm usually the only woman that is a decision maker in the room. And we talked about how when we went to conferences, it was a sea of men, especially in our industry and real estate and hospitality. Not only is a sea of men in terms of the attendees, but the people on the day as the people speaking are all men. So there wasn't really a lot of opportunities for women in this field to see other women up there. Or, you know, even to be excited to go to these conferences when it's all men can be a little bit daunting in a way when you see it. And then there's also the expense of going to some of these conferences and their several days, they cost several thousand dollars. And regardless of whether you're a career woman, you know, in the end, you know, you shall have the burden of figuring out how to keep the fort down at home and whatnot. So you definitely are very careful about when you travel and when you go away. And we thought, what would it be nice to have a business conference created for women by women where it's a half day conference. So you don't have to worry about child care. Don't have to worry about traveling. And how about if we make it so that the price of entry is not this extraordinary number, but we make it reasonable for all women to want to attend. And we don't make it so that women have to have, you know, this incredible successful company to be able to listen to other incredible founders. So there are incredible women's conferences out there. But to be invited to those conferences, you already have to be a multi million dollar super successful woman. And so there is no room for anybody else, you know, that is trying to get there. There aren't really any conferences like that. I would say conferences that allow women that, you know, aren't, you know, this very high end are mostly celebrations of women that have achieved great things. So sometimes it's an award luncheon or, you know, maybe it's just a chat with one woman. But we thought, would it be great if just the average woman could have access to a conference a business, a real business conference and could listen to leaders in different businesses that could share their stories and help elevate all women in the workplace and even outside of the workplace. And so there are a lot of women that are founders that love coming to our conferences because they want to come right between each other, women want to hear each other and there are younger women that are just starting their businesses and want to look up to them, women that are attorneys, accountants, and, you know, want to have more interactions with powerful women. And also have women that are still at home with their children pondering, am I going to go back into the workplace, am I going to work part time or maybe am I just going to dive into philanthropy and devote my time to getting. So all of these women coming together really demands that you elevate on how we tell the stories to each other and we share differently when we're with each other. And one other beautiful thing about our conference that I really love is that we have a lot of male allies and we welcome them. So we do have men that come to our conferences, we have incredible sponsors and we also know that it's very important for women to have mentors that are men. And we have a lot of women that are more successful in the world. So we welcome everyone to our conferences and it's been a really rewarding experience when we hear the incredible stories. One of my favorite stories that I tell everyone is my very first women's power breakfast. all the proceeds to the world. women of tomorrow in Miami that was founded by Jennifer Vellope. And my banquet manager stopped me as I was walking in with Jennifer and she said, "Oh, it's Daisy. "Can you introduce me to Jennifer?" I said, "Yeah, of course." And she started talking Jennifer and she said, "Oh, Jennifer, I just graduated from your program five years ago." And I went to college. Now I'm here at the Ritz-Colton and I just got a promotion today and I'm working the banquet. I mean, we both had goosebumps because this is exactly what we want to do. We want to elevate women. These are women that are at risk in high school that participate in a four year curriculum and they go to college and then they lead very successful lives where we're elevating them from the beginning and then we're meeting them where they are. So it's been a really rewarding experience, especially to do this intergenerationally with my daughter. That's fantastic. You recently secured a $61 million pre-development loan on a 15 story ultra luxury condo tower with 30 custom residences behind the existing Ritz-Colton South Beach. South Florida continues to draw a high net worth buyers. The combination of lifestyle, tax efficiency and long-term market stability makes it a really compelling hedge against what's going on in the world and the volatility. Flag luxury has formed major Miami Miami Beach projects right now. Do you see South Florida continuing to be a strategic location for future projects? Absolutely. I mean, it's such an exciting market, right? And especially because they're not making any more beachfront. And Miami is a city in Miami Beach. This economy is now becoming a lot less dependent on just tourism. We have technology and crypto and hedge funds and finance. And it's such an exciting place with all of these new sports teams. And the legs of the economy are now more diversified and more balanced. So we think it's just an incredible market. And it's a very business-friendly market and a place where it is easier to establish your business. Still very hard to work in the historic district as a builder. But we love it. And we recently, as you said, acquired the Sagamore hotel that is adjacent to the Ritzkalt and South Beach. And we're taking 110 rooms from that hotel, bringing it down to 55 and creating Ritzkalt and suites that are going to connect with the Ritzkalt and South Beach. And it's on that property that we're building the 30 exclusive beach houses in the sky. Are there any other world-class locations that you want to break into? Well, locations that we're already in, like New York, we are looking at other projects. We're also in Las Vegas and in Orlando. So those are great markets. We'd love to be in Boston. And in Dallas, we have some projects that we're looking at there as well. And we have just incredible opportunities, especially opening up the Ritzkalt and Nomad. I would say we've never been more pursued than we are now. And it's a really great time in our business today. So Daisy, my final question is the luxury item question, which I ask all my guests. So if you were stranded on a deserted island, and you could only have one single luxury item with you, what would that luxury item be? It can't be any form of air or water transportation to get you off that island or anything that requires mobile service so you can call somebody to get you off that island. It's just-- I'm going to go get an off. There's no-- Right, we're pretty-- No getting off. No getting off. You have to live with this. I have to live with it. But the good thing is you only have one luxury item with you. What would that be? Yeah. Wow, almost anything is luxury, right? On an island. If you're a call. I mean, that could be anything. I would say I would want an insect-lippedia Britannica. The whole set. I'll tell you why. Because if you can't Google anything, you could at least look it up. And it will help you figure out how to do things, how to make things, what things are. And at least you'll have something to read, which you're figuring things out, and figuring out how to live on an island. Daisy, a latte to Connovos, co-founder, president, and COO, a flag luxury group. Thank you so much for joining me on the luxury item. Thank you for having me. This was fun. [MUSIC PLAYING] That's it for this episode of the Luxury Item Podcast. Thank you so much for listening. If you found this useful and entertaining, I would be really grateful if you can share it with a friend or colleague. I would love it if you subscribe so you never miss an episode. And while you're there, be sure to rate and review us on Apple Podcasts. It really helps other listeners find us. The Luxury Item Podcast is a production of silver-tone consulting. I'm your host, Scott Kerr. Until next time. [MUSIC PLAYING] [MUSIC PLAYING]