May 22, 2025 • 29 mins
Hi This is Brad Weisman - Click Here to Send Me a Text Message
Ever wondered why vacation rentals can feel like a gamble? The photos look amazing, but will there be decent kitchen knives? Enough toilet paper? Clean linens? Steve Petasky of Luxus Vacation Properties is transforming this unpredictable experience into one of absolute certainty.
Picture a world where vacation rentals deliver the consistency of a luxury hotel with the space and privacy of a private home. That's the vision behind Luxus Vacation Properties, which Petasky describes as "JW Marriott meets Airbnb." What began as a personal solution for his growing family in 2006 has evolved into a company that's serviced over 20,000 vacations and is partnering with iconic brands like Four Seasons.
The magic of Luxus isn't just in selecting beautiful properties—though they certainly do that—but in standardizing the experience across every location. Whether you're staying in their Costa Rica villa or California condo, you'll find the same premium mattress, high-quality linens, fully-stocked kitchen, and reliable amenities. This consistency creates what Petasky calls the most valuable luxury of all: certainty.
Behind this seemingly simple concept lies complex execution challenges, from convincing homeowners to upgrade their properties to navigating the rapidly evolving regulatory landscape of short-term rentals worldwide. Yet properties that meet the Luxus standard consistently outperform the market, often generating an additional $50,000-100,000 in annual revenue.
Perhaps most fascinating is how Petasky's business philosophy was shaped by his childhood experience of being robbed during a family Disney vacation, when another family's unexpected generosity showed him the transformative power of hospitality. Ready to experience vacation rentals reimagined? Visit LuxusGroup.com or follow @LuxusVP on Instagram to discover their portfolio of exceptional homes around the world.
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Welcome to The Brad Weisman Show, where we dive into the world of real estate, real life, and everything in between with your host, Brad Weisman! 🎙️ Join us for candid conversations, laughter, and a fresh take on the real world. Get ready to explore the ups and downs of life with a side of humor. From property to personality, we've got it all covered. Tune in, laugh along, and let's get real! 🏡🌟 #TheBradWeismanShow #RealEstateRealLife
Credits - The music for my podcast was written and performed by Jeff Miller.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Good Ready From real estate.
The market as a whole, whichthen sometimes will affect the
technology Right, the real life.
We all learn in different ways.
If you think about it, wayneDyer might not attract everybody
, and everything in between.
The mission was really to helppeople just to reach their full
(00:21):
potential.
Speaker 2 (00:22):
The Brad Wiseman Show .
And now your host, brad Wiseman.
Speaker 1 (00:27):
All right, we're back .
Thanks for joining us everyThursday night at 7 pm.
We really do appreciate it.
We got a guest here that isactually not in the studio, but
it's tough to get everybody inhere.
You know, hugo, it's reallytough to get everybody in here,
that's right.
Yeah, so this guy here.
I've been watching him onsocial media, checking him out.
He's got a really uniquecompany that I thought it'd be
(00:51):
great to have him on here,because I like what he's doing.
It's something different andhis name is Steven Patasky.
He is actually from Canadaoriginally.
He's now living in San Diegorecently and he's our guest
tonight.
He does luxury vacations and Ithink there's pretty much nobody
out there that doesn't like agood luxury vacation.
So let's bring him on Hugo, allright?
(01:12):
How are you doing, steven Now?
Do you go by Steve or Steven?
Speaker 2 (01:14):
You can call me either, but Steve is just fine.
Speaker 1 (01:16):
Steve is fine.
Okay, there we go.
Steve's easy, and I didn't evenask you before.
It's Petoskey, is that right?
You nailed it, I did.
Okay, yours is pretty easy.
I get some that are not as easy, and then I usually screw them
up anyway, so it doesn't reallymatter.
But but thanks for being heretoday.
I really appreciate it and Ilove what you're doing here with
these luxury vacations and howyou're doing it, and you're
(01:38):
going about it in a differentway than pretty much anybody
else I've seen.
Speaker 2 (01:41):
Thank you very much for having me.
And yes, it's, we've tried to.
After doing a similar version,a little different, for about 18
years, we decided to make a bigchange and try to pick a new
niche in the market that noone's doing or very, very, very
few doing it and doing it well,and that's trying to build
something that I think peoplewill appreciate, which is pretty
much just giving peopleconsistency in expectations to
be met and through our vacationrental experience.
(02:04):
But we'll dive into that, butwe're pretty excited about it.
Speaker 1 (02:06):
Yeah, it's cool and you know some of the one of the
things that I saw that kind ofsummed it up for me and you can
tell me.
It was on either their websiteor LinkedIn or somewhere.
Helping our clients fulfilltheir vacation dreams is the
legacy we sought to create bydelivering elevated vacation
experiences and access to yourportfolio of luxury vacation
homes.
(02:26):
It's a little bit we talkedbefore the week when we went
live and it's like the JWMarriott meets Airbnb, where
you're going to get a higherlevel of experience in, but in a
home as opposed to a hotel.
Speaker 2 (02:41):
Nailed it Absolutely so the I think what's been
missing within the vacationrental space, which I think
anyone could probably attest to,is Airbnb and VRBO make up over
90% of the distribution of thevacation rentals around North
America and in different partsof the world, but when you go to
one, you're really relying on ahost and the level of quality
of experience they are choosingto deliver.
Obviously, airbnb and VRBOdeliver great distribution
(03:04):
experience a way for you to vetthe homeowner research,
understand them.
But does the home really lookthat good?
Does the furniture look thatgood?
Is there going to be groceriesin the fridge?
Is there going to be one rollof toilet paper or 10?
Like all these questions youhave to ask yourself before you
go on vacation.
And this is just the way theworld is.
We sought to say well, what if?
When you go to a hotel, what doyou get?
You get a great night's sleep.
(03:25):
You know exactly the pillowsand the linens.
You know what the coffee pot'sgoing to work.
You know that there's endlessamounts of toilet paper that you
can use.
There's great bath and bodyproducts, whatever it might be.
So we're trying to combine thebest of the hotelier experience
with vacation rentals.
So when you go to a Luxusvacation property home, no
matter where you go, you'regoing to great night's sleep a
fully stocked kitchen, anamazing bathroom and electronics
that are consistent andfamiliar.
(03:45):
And we think, if, if we were tosum up in one word, isn't
necessarily luxury, it'scertainty you know, giving
people a very specific, certainexperience that they know
they're going to get.
I we believe wholeheartedly thatpeople just want to know what
they're going to get.
On the other side, the world'snot providing it to them, so
we're going to give it a shot.
Speaker 1 (04:02):
That's cool.
And how did it start?
Did it start?
Did you start out doing this atthis level, or has it?
Has it grown to the point whereyou're realizing, okay, every
year we're adding a new featureor we're adding things that are
that are are more of a certaintywhen you get there?
Is that kind of how this went.
Speaker 2 (04:20):
So it started off.
It's a.
It started off at a certainpoint.
It certainly elevated as wewent on to refine the process,
but it came from my own wife andI and our problem.
My wife was pregnant with ourfirst, our boy 2006.
And we knew we wanted tocontinue to travel, but, as new
parents, maybe a little anxiousand nervous, and we didn't want
to travel hotels anymore.
It didn't make sense.
(04:40):
We didn't have the money to buyour own home.
So we thought wouldn't it befun if we put together a
syndicate?
And we basically raised $3.5million from 18 friends and
family, not intending at all forit to be a business.
This is truly like to solve ourown personal problem.
And we bought a home in Maui, ahome in Phoenix or Scottsdale
and a home in Western Canadalike a ski summer property.
We bought all of cash and nowwe had a ski property, we had a
(05:04):
beach property, we had a lakeproperty and we had a golf
property.
And what we did it, though?
We set them up the specific wayplay pens and booster seats,
since we had babies, you know.
We had proper knives, you know.
We had a line opener, we hadgood electronics, and I can go
down the list for 20 pages buthad all these things.
We wanted that business.
Kind of unknowingly we weretotally different careers but
(05:25):
snowballed and we ended upraising close to $100 million
and then buying 50 homes.
It became a real business overthat period of that kind of
seven to 10 years and we leftother careers focused on this
and it evolved to your pointover time.
And what happened is we justrecently, when COVID hit, which
had a pretty tough impact onCanada during the time and lots
of places in the world,obviously we decided to shut
(05:47):
that down.
So shut down a successful, good, solid, recurring revenue
business and instead of havingour kind of private club version
, we felt we could buildsomething bigger and better and
I don't want to use that in away that it was all about size
but more about impact.
We knew the experiences we wereproviding to our clients at the
time and we had about 20,000vacations over that you know, 16
(06:08):
year time period.
We're like what if we get amillion experiences?
Like wouldn't that be prettycool?
Like a million experienceselevated around the world with
people getting this better tripand vacation and memories with
their family.
And so now we tore it all downand we're rebuilding it back up
under this new version witheverything we learned and
applying this for like,significant growth over the next
five years wow, that's amazing.
Speaker 1 (06:29):
And now are you doing still doing a lot of
syndication.
Then are you still havinginvestors come in and do this,
or are you getting the money onyour own?
Like, how are you doing thatpart?
Speaker 2 (06:40):
yeah, so it's a great question.
So we shifted from syndicationand actually owning the assets
because we felt, I guess, thatthe the way to set up the home,
the way that we wanted we neededto own the home.
That was like our fundamentalbelief in the early stages.
But as we shifted along and westarted working with partners
like Marriott and Four Seasonson our development side, we
realized I didn't know this atthe time they don't own any of
(07:02):
their assets globally.
I didn't know this at the time.
They don't own any of theirassets globally.
Mary doesn't own, I don't know.
They own like 10 hotels out oftheir like 20,000 or something.
Speaker 1 (07:07):
I'm making it up.
Speaker 2 (07:08):
It's like nothing Same with Four Seasons.
They got out of hotel ownershipa long time ago and we're like,
wow, so maybe we don't need toown the assets.
Those are obviously superprofessional, incredible,
world-class, leading brands andthey don't own any assets but
they manage a brand standardthat's required of all their
asset owners.
So that's when we had this bigbelief shift to say, well, maybe
(07:28):
we just manage other people'sassets, apply the Luxus brand
standards.
So you have all these amazingthings we learned over 20 years,
apply them.
We know that guests appreciateand guests will come and rent
and reoccur rent as time goes onand decide to go that.
So we are out of syndication.
We're out of raising capital.
We are managing personalpeople's individual vacation
(07:49):
homes around the world andtrying to a do a really good job
, just running their asset,taking good care of their home.
Be maximizing the rentalrevenue through our program.
Speaker 1 (07:57):
That's really cool, and then, obviously, you have a
pretty serious set of standardsfor that.
It's not like I'm just going tocome up to you and say, oh, I
got a place in Italy and I wantyou to manage it, and you're
like oh yeah, ok, we'll manageit for you Because your
reputation is on the line,because it's your name that is
associated with these properties.
Speaker 2 (08:15):
Yeah, nailed it.
It's like it's a very hard part.
And the reason why?
Because if I'm sure someonehearing this, you're like well,
that makes total sense.
Why are there not hundreds ofthese companies out there that
can have these brands?
It shouldn't be complicated tohave the same linen quality in a
portfolio's homes.
It is actually tremendouslydifficult because you have to
get in.
Speaker 1 (08:34):
The difference is that you've got a place in Italy
, a place in Costa Rica, you'vegot a place.
I mean, that's not easy.
I mean you're managing that.
I read that on here.
That was the part, that was oneof the things that blew my mind
.
It's a great night's sleepExperience, complete relaxation
when you unwind with oursignature Luxus mattress and
premium sheets.
I mean you guys are branding,you're branding sleep in places
(08:56):
that are all over the world.
Speaker 2 (08:58):
It's true, and so there's like two problems.
One is like logistics.
Yeah, we're a very smallcompany still, but we tend to be
big and prove that we're goingto be quite large over time, but
we have to build the foundationto support that type of growth,
yeah.
The second thing is everyhomeowner needs to be convinced
to make an investment in theirproperty up front, because they
have to apply these things.
We get rid of their kirklandsheets and we put in our premium
(09:21):
.
You know hotel.
You know luxury hotel knowluxury hotel quality.
They get rid of their serrated.
You know Costco knives.
Costco is actually a goodknives but like I'm using it to
their to our Henkel knives.
So we have to change thesethings because we're not
necessarily just selling pureluxury.
It's really selling again anexperience that people can
expect to receive, and so that'sthe hard part and it's the
reason why there's only a barelykind of ish, a few people in
(09:43):
North America doing this andit's hard to get that on scale.
But once the flywheel getsgoing and right now, the proof
of performance and our numbersof the homes that are in our
portfolio they're outperformingthe market in so many factors
because guests want thatexperience and others aren't
providing it.
So if we can convince ahomeowner, it's got a $2 million
home and they got to spend 40grand or 30 grand to upgrade
(10:04):
their home to the theseparticular standards.
It's a drop in the bucket.
If we get them 50 to 100 grandmore a year in rental revenue,
yeah, no, it's, it's.
Speaker 1 (10:11):
It makes sense.
It's funny because we're kindof going through this on a very
small level.
My wife and I have a condo downin ocean city, maryland, and we
we actually hooked up with a, amanagement company.
That's a very small managementcompany.
It's called Benchmark.
I'll give him a plug, sincehe'll enjoy that Benchmark
Properties.
They're out of Ocean City,maryland, and he's definitely
very picky.
I mean, we have to make sure wehave everything the way they
(10:35):
want it.
It's not like, oh, we just dowhat we want.
It's our house, yes, but wehave to have a certain standard
and it makes a difference.
It really does.
And because people come back,and that's the thing that's
interesting is that we havepeople that keep coming back
because of the experience, and Iguess that's it.
You know, and that's the thingis, if I go oh okay, I know that
no matter where I stay, I knowif I go to a Luxus vacation
(10:56):
property, it's going to be thiscertain level, whether it's in
Costa Rica or in Playa de Carmen, or it's in California,
wherever it is, it's alwaysgoing to be the same experience,
and that is very cool.
Speaker 2 (11:09):
Well, and to your point, I should clarify when I
say there's no one doing this,there actually are lots of good
mom and pop shops local,regional.
Maybe this company, like yousaid, are doing a very good job
on a micro, regional level, or,like you know, maybe it's like
Southern California as aregional level and they've just
built this by applying their ownversion of brand standard,
(11:29):
probably in a lot of waysconsistent to us.
I mean, you've got sharp knives,you've got nice linens, you've
got good TVs, like a lot ofthese things are not like rocket
science, it just comes down tolike fine-tuned versions.
But as an international player,no one's been able to really
scale it to that level becauseit's the complexity involved.
So we love those small mom andpop shops doing a great job.
(11:50):
That's the type of companieswe'll probably acquire as we
grow that have already havethese brand standards with this
great portfolio homes to help ormerge them into our company and
allow to grow together.
So now for your family, forexample, if you travel with that
company, you were like, oh, Iwish they had a place in
Caribbean or in Italy, whateverI got to go find the Italian
version of this.
Well, now you come to Luxus andwe have them all.
So that's cool.
Speaker 1 (12:08):
Yeah, no, it's, it's actually cool.
And what's interesting too,looking at the website for that
company, all the houses, kind ofall the, all the condos and all
the places they do rent havethe same like look going through
them.
So it makes you actually, itmakes you want to actually make
yours even better because you'relike, wait a minute, they all
look the same as mine.
I'm going to make mine evenbetter looking than that is.
So it's kind of the same thing.
(12:29):
I looked at your propertiestoday and they're all just
spectacular.
I mean they're beautiful,beautiful locations, They've got
great views, They've gotbeautiful kitchens.
I mean you know it's, it'sdefinitely a nice, a nice up,
and the prices weren't as muchas I thought they would be when
I was looking at them.
Speaker 2 (12:45):
You know what, when we launched it's a great point
when we launched the company, itwas like, okay, we're going to
build like luxury, because Luxusis the Latin word for luxury,
so that was something we justfound, it on 18 years ago.
But luxury is a relative word.
There's kind of like kind ofthree levels of luxury.
There's like a attainableluxury, like something that's an
early stage.
There's luxury, then there'sultra luxury and that kind of
like these gaps.
So ultra luxuries, let's say,is your five, six, seven million
(13:07):
plus type properties and yourregular luxury.
Regular luxury, you know, is,you know maybe between you know
two to five million and thenbelow that might be like this
attainable luxury and they'reall great.
It very much is in the eye ofthe beholder.
Someone goes to an 800,000 hourcondo with a great bed and you
know one bedroom and counter, Idon't know granite countertops.
They may feel they're in aluxury experience.
Speaker 1 (13:29):
It's relative to what they're used to we think luxury
, yeah, yeah, exactly.
Speaker 2 (13:37):
So for us it just says, like, let's just build
range so that if you're spending500 bucks a night or 5,000 a
night, we have you covered.
Because maybe you want to spend5,000 a night for one big
experience super cool Caribbeanseven bedroom house in the ocean
but then you're going to wantto go back to the same spot but
you only want to be in a twobedroom with you and your wife
and maybe one other couple.
Well, I don't want to spend5,000 a night.
(13:58):
So we have the option to be inthe same Lux's experience, but
in a smaller condo unit orwhatever it may be, and people
like that.
They have the flexibility thento kind of choose their mission,
but stay within our portfolio.
Speaker 1 (14:08):
Yeah, that's cool, that's really cool.
What are the hiccups you'refinding, like, what are the
challenges that you're findingas you grow or in this realm
that you're in?
What are the the challenges?
Speaker 2 (14:21):
I would say the challenge for what we're trying
to do is it's very hard to gomulti-state and even harder to
go international.
Now it's a major buried entry.
Now.
We've been doing this for along time in different versions
so we're kind of like um,desensitized to the challenges
of like let's just open up in,you know, dominican republic,
like as we're kind of used tothe idea of offices and the
restructure involved to managebusinesses in different
(14:43):
countries, but it's a bigbarrier to entry for other
people to do.
So that kind of helps us in afactor from us.
I think the biggest you knowshift I would say in our
business um is the.
We knew getting into this, wetried to start at the trough
there.
We knew there was a peak andCOVID, this artificial bump of
vacation rentals where everyonein the world was doing it and
everyone was trying to enter thebusiness, and we deliberately
(15:05):
didn't start version 2.0 untilafter that crash started coming
down because we wanted to wait.
It's better to buy low and sellhigh versus start high and sell
low like everyone else, whichis happening, and he gave tons
of examples.
It's unfortunately very sadit's how long this trough will
be and to what extent the painis.
So the compliance regime is abig part of this issue.
You're sure you've heard this,but like short-term rentals
(15:26):
getting banned in cities allover the place.
A lot of cities havewell-established short-term
rental guidelines that we canfollow now, but there's a lot of
cities still trying to figureit out and waiting for the rules
to change.
So we have to kind of park andwait before we enter city X
until that city council hasdecided what their rules are
around short-term rentals, andthat sucks because we want to go
to city X.
Speaker 1 (15:46):
Well, we had another guy on here that was that was
kind of going through the samestuff.
He was actually out in Colorado.
He's Airbnb type homes and hesaid that's the biggest thing is
that these townships and stuffare now discovering Airbnbs and
they're getting complaints andall that stuff and now they're
trying to write these rules.
Problem is, if you alreadybought a property and you're,
and you're, you know, basingyour income on that, that's a
(16:07):
big problem.
Speaker 2 (16:09):
It's, it's huge and that's why we actually have,
like I said, advisory service.
We call it, we don't reallymarket it as such, we were not
intended to be but we meet, seeso many people make so many
mistakes because they get to amarket and I'm not bucketing all
realtors in the same bucket butmany of them don't really know
the short-term rental space theway they should in their local
markets and I, if you are arealtor listening to this, I
encourage you to become ashort-term rental expert in your
(16:30):
area.
Like literally know what thelast city council meeting was
and what they talked aboutrelated to this.
And we see often they meet witha realtor.
Realtor says and the says Iwant a short-term rental.
They're like I'm sure you canshort-term rental this place.
I'll give Las Vegas as a greatexample, because we had a
project going there.
It's separate, but there was20,000 illegal Airbnbs going in
Las Vegas and a couple of yearsago they had a lottery for 2,000
(16:52):
legal short-term rentals, so Ihad a client that was going down
there.
Speaker 1 (16:58):
Yeah, yeah, exactly 2,000 legal.
Those numbers don't work well,Well exactly.
Speaker 2 (17:04):
So now what?
Vegas hasn't figured out how toenforce the illegals yet, but
cities will eventually figureout how to enforce illegals.
So because they're notenforcing it, I had a friend
went down, didn't use ourrealtor, use another realtor,
and the realtor sold him a houseand the realtor said, yeah,
well, this guy short-termrenting it.
(17:24):
But he didn't know to ask thequestion are they truly a legal
permit?
It's only been doing it for 10years.
So I'm a client on their sidesaying, well, we've been doing
it for 10 years, it's probablyokay, and now he's going to get
shut down in the next year anduh.
So we encourage like, if you, ifanyone listening, wants to buy
a short-term rental vacationhome and wants the real rules,
contact us.
We'll connect you with theexpert in the area.
I don don't know every marketin the world, but we have a
pretty good understanding of keyones in North America.
(17:44):
But if we don't, we'll find youa person that can give you the
proper guidance.
So if you buy a rental, you doit with full disclosure and you
do it knowing what you can orcan't do with that particular
property.
You don't have a multisix-figure mistake because you
have to the numbers that you'retalking.
Speaker 1 (18:02):
I mean, you know, when you're looking at these
properties that are more luxury,we're not talking a place
that's 150 bucks a night.
You know that could get reallybad really quick.
That's unbelievable.
Speaker 2 (18:14):
It does yeah, I'm sure it does Like 500,000, like
in Maui, and Maui is goingthrough a short term rental and
they're going to get they haveto go to 30 or 90 day rentals.
They'll probably cut theirrevenue by 80, 85%.
So it's a that's material.
Speaker 1 (18:29):
It also hurts the resale value Cause if, if you're
if you're gonna, if you wereplanning on doing that, if
somebody and you're like and youput it on the market and you
say, hey, by the way, you haveto do 30, 60, 90 day rentals.
Speaker 2 (18:44):
I mean, that's that definitely hurts the, uh, the
resale value big time.
Yeah, it's big big swing.
Speaker 1 (18:46):
There's a lot of that that still hasn't been played
out.
Speaker 2 (18:48):
Pardon me.
Speaker 1 (18:49):
I said, there's a lot of that just still hasn't
played out yet across thecountry.
The Airbnb is a short-termrental.
A lot of that has not playedout and it'll be interesting to
see where it goes.
So let's go into, let's go intoyour whole thing with the four
seasons.
You're doing that now.
You're in partnership with themout in Vegas.
Yep, You're putting up.
Now what is that?
That's private residences.
Is that kind of is that?
Is that a timeshare situation?
(19:10):
Or is that just going to be allyour luxury rentals?
Speaker 2 (19:17):
Good question.
So think of both companies usedto be integrated from kind of
2014 to 2020.
And when COVID hit, we decidedto totally separate the
companies.
So, even though they're undercall it the Luxus Group umbrella
you got Luxus VacationProperties, independent
Ownership, independentManagement.
And then you have LuxusDevelopments, which is
Independent Ownership,independent Management.
Now the commonality is I'm themajority owner of both companies
(19:38):
, but we have partners in bothof the companies to kind of
serve their unique purpose.
So the overlap as very little.
So a lot of people think webuilt the Four Seasons to put
over an L Luxus vacationproperty, but they're actually a
whole separate business purposeand so that business kind of
runs my, my partner, john, anduh, and it's it's kind of, you
know, morphed into thiswonderful relationship with Four
Seasons, which is awesome.
(19:59):
My mind, I think everyone's.
It's like the, probably thepreeminent global hospitality
brand in the.
You know, they're justunbelievable and they're equally
amazing people.
We are just blessed to workwith them and we ended up
getting the uh, the project forfour seasons private residences
Las Vegas.
And to explain the differenceis it's an important distinction
and it's also exciting becauseit's a.
It's a neat um change in themarketplace that we're able to
(20:21):
try and bolt ourselves as beingan expert on.
But a lot of these hotel brandshave always built hotel rooms
and they've attached vacationrentals to the home.
So very common with FourSeasons and others.
Four Seasons is now in certainmarkets doing what they call
standalone residential.
So no hotels, no hotels, roomsat all, purely residential.
Some of them you can rent, butin the case of Las Vegas it's
(20:42):
purely to live.
So it's really, if you want tolive in Las Vegas and a luxury,
amazing condo, lock and leavefrom two bedrooms to like six
bedroom penthouses, so 4 millionto 30 million, and I want to
not be in a single family homeand I don't want to live on the
strip.
There's very little options forluxury condo living and so
we're building the Four Seasonsbranded vacation properties I
(21:03):
say vacation residences there,rather, and it's a really
exciting thing because FourSeasons has lots of these going
around the world now and we'reexcited to be able to work with
them on this one and probablysome others.
And it's a way you can now livethe Four Seasons lifestyle but
you don't have to share the poolchair with a hotel guest,
because you're ultimately therewith other residents.
Speaker 1 (21:22):
Yeah, that's cool and that's a that's a thing for you
to say as far as on your resume, to say that you guys were good
enough to to partner up withFour Seasons.
I mean as as a resort.
I mean, that's amazing.
Speaker 2 (21:35):
Well, you know, we pinch ourselves because, you
know, we, we I don't know and we, we've done some pretty cool
projects in the past.
We thought were relatively coolfor, you know, different parts
of the world, Hawaii and all theother things, but working with
them has allowed us to thinkbigger and think along a
different level of scale and abigger, bigger level of impact.
Yeah, and for them.
You know they choose theirpartners.
You know very carefully, like,and it was so it's really was a
bit of a an honor to be selectedas as a development partner for
(21:59):
them to develop properties anddevelopment partner for them to
develop properties, and uh, andwe're, they've just been great
to work with and I think theseare open and honest and
transparent.
Where our strengths, weaknessesare, and where we are unable to
, uh, to fulfill a specific needthat's required, we'll bring on
partners that have that abilityand we're thrilled to bring up.
We're not the experts oneverything we don't presume to
be, so we just partner up forthose who are yeah, that's
(22:19):
awesome, that's awesome.
Speaker 1 (22:21):
So let me go into the couple more things.
One of the things that that wasinteresting real quick and I
guess it kind of has to do withhow you get started.
In this it says here I wrotedown you had a bad Disney
experience as a kid.
Speaker 2 (22:32):
Yeah, yeah, no, I did so.
I'll try to give theabbreviated version.
You can ask any questions.
But my first plane trip and ourfirst family experience, my
parents were not wealthy.
They were poor for lack of abetter word because they had me
as teenagers and I had my sisterafter, but worked very hard on
their careers and built up asuccessful business and we had
(22:52):
our first trip.
I went to Disneyland and thiswas still early stage in their
careers and got to the firsthotel.
It was kind of trash.
I didn't know anythingdifferent.
For me it was like oh, there'sa pool, like very cool, like
that's all I really cared aboutas an eight-year-old.
And they're like we're going toa different hotel.
And it was like, and I sayhotel, this is a motel.
Like you know where there's acourtyard, a pool in the middle
(23:16):
Doors on the outside, to be veryclear what it was.
We go to Disney the first day.
Of course it's magical, all youremember.
It's amazing.
And then we go to the hotelroom, go to the pool, hang there
in the afternoon, go back there.
Our doors kicked in and ourhotel, our motel room, was
robbed.
Oh no, I remember my parents.
My mom was crying and my dadwas obviously emotional and as
(23:38):
kids, you don't know what to do.
Or young my sister's a fewyears younger and they were like
, okay, they don't know what todo.
We're young my sister's a fewyears younger and they were like
, okay, they didn't steal thepassports, they took my jewelry,
they took our cash.
They're like I think we got togo early.
But then they got really upsetbecause they stole our three-day
Disney passes.
Like, what kind of thief stealsyour kids' Disney passes?
And my parents didn't have anymoney so they couldn't just go
(23:58):
like, oh, just swipe the creditcard and go buy new ones and
this is a big deal for them, youknow.
And um, so on this trip theyspent a lot of money.
But the really cool thing was isthat, um, five minutes later,
police are over taking themstatements, this other family's
checking out and they're like oh, we got robbed as well and we
got wiped out.
We have one day left fourpasses for disney.
(24:18):
Do you guys want them?
And they gave them my to myparents.
And it's like I get goosebumpsright now and literally just you
know telling the story everytime I tell it because it's like
that is generosity, like youexpect nothing in return.
We were like boarding anairplane, you'll never hear from
us again, but here's, here'sthis, and my mom was again
crying again.
And then, you know, we ended upstaying for an extra day and
(24:39):
went back to Disney for a secondday and it taught me so much
about, like, hard work, hardship, the way life is, generosity,
and it kind of helped form afoundation, like my first true
memory of a childhood that stuckout, that was formative from
the rest of my life and, uh, washaving beginning robbed in
Disneyland.
Speaker 1 (24:58):
That's not everybody's experience of
Disneyland the first time.
Speaker 2 (25:02):
Totally.
Speaker 1 (25:03):
Totally yeah, typically it's a little better
than that, just so you know.
Speaker 2 (25:09):
We brought the kids back one point and it was a lot
better experience now, but ithappened.
So anyway, that was it.
Thanks for asking though.
Speaker 1 (25:16):
No, it stuck out to me when I was reading through
your stuff, so we're going towrap this up.
I like what you're doing, Iwant you to stay in touch and,
uh, just real quick, what arethe places?
What are the places?
You think?
Man, if I could just manage aplace there, it would be awesome
good question.
Speaker 2 (25:32):
I don't have a lot of familiarity with the east coast
.
I know you're on the east coastand so we're starting to like
we're very familiar with thewest coast western us, hawaii,
latin America but East Coast not.
So I'm really getting excitedabout.
I won't say this is the oneplace, but like the one region.
I want to understand, from theCarolinas down to Georgia and
Florida, about places, and ofcourse we know the obvious ones
(25:54):
that you can see on the map, butsome of those really special,
like Sea Island, there's a lotof cool places.
Carolinas.
It's an amazing beach placeplay Hilton head, things like
that so I'm excited to learnmore about that.
Uh, that side as we grow ourbusiness.
Speaker 1 (26:07):
Well, let us know we can help you out with that too.
I mean, I've been on this, I'vebeen out this way since I'm
born, pretty much so 54 years ofexperience on the East coast.
Um, I will call you.
Yeah, definitely do, Definitelydo I really appreciate your
(26:29):
time and is there anything?
You know what I want to do.
I want to share your.
Speaker 2 (26:31):
Your website is luxusgroupcom right, and your
Instagram is just a instagramcombackslash.
Lux Luxus VP right, Correct,yeah, that's the main one.
Yeah, and Stephen Patasky ifthey.
I don't post a lot, but there'ssome odd things on there.
Speaker 1 (26:39):
Well, the best one was when your kids were falling
asleep in the plane.
That was, that was my yeah, andif you, if you're watching this
show right now, you'relistening.
You got to go to his personal,uh, instagram.
It was on your personal, I'mpretty sure, and it is.
It's a trip.
He's on a helicopter with hiskids.
He's uh, they wanted the windowseats, I guess, or you thought
they did, and they're falling.
They're both falling asleep andthere's a video that you take.
(26:59):
That is just to me hilarious.
It just if you have, if youhave kids, it makes it even more
funny that's awesome.
Speaker 2 (27:05):
Literally I've watched it 500 times.
There were my kids and I wasthere and I still think it's
funny it's hilarious dude noone's told me it's not funny,
it's hilarious, it's hilariousall right.
Speaker 1 (27:14):
Well, thanks for joining us today.
I really appreciate it, man.
We'll definitely have you backon and we wish you the best of
luck with these properties.
Uh, I'm definitely going to betaking a look at some of them.
Maybe we'll end up staying inone of these properties, because
they are very, very nice.
All right, there you go.
Steven Pataski he's amazingLuxus Vacation Properties.
If you're looking for a reallynice place to stay, whether it's
(27:35):
in Costa Rica, or he has placesall over the place there's
places to stay.
And there you go.
He actually has serviced morethan 20,000 vacations, which
blew my mind.
But yeah, check him out.
He's online at LuxusGroupcom.
That's about it.
We'll see you next Thursday, 7pm.
Good Ready From real estate.
The market as a whole, whichthen sometimes will affect the
technology Right, the real life.
We all learn in different ways.
If you think about it, wayneDyer might not attract everybody
, and everything in between.
The mission was really to helppeople just to reach their full
(00:21):
potential.
Speaker 2 (00:22):
The Brad Wiseman Show .
And now your host, brad Wiseman.
Speaker 1 (00:27):
All right, we're back .
Thanks for joining us everyThursday night at 7 pm.
We really do appreciate it.
We got a guest here that isactually not in the studio, but
it's tough to get everybody inhere.
You know, hugo, it's reallytough to get everybody in here,
that's right.
Yeah, so this guy here.
I've been watching him onsocial media, checking him out.
He's got a really uniquecompany that I thought it'd be
(00:51):
great to have him on here,because I like what he's doing.
It's something different andhis name is Steven Patasky.
He is actually from Canadaoriginally.
He's now living in San Diegorecently and he's our guest
tonight.
He does luxury vacations and Ithink there's pretty much nobody
out there that doesn't like agood luxury vacation.
So let's bring him on Hugo, allright?
(01:12):
How are you doing, steven Now?
Do you go by Steve or Steven?
Speaker 2 (01:14):
You can call me either, but Steve is just fine.
Speaker 1 (01:16):
Steve is fine.
Okay, there we go.
Steve's easy, and I didn't evenask you before.
It's Petoskey, is that right?
You nailed it, I did.
Okay, yours is pretty easy.
I get some that are not as easy, and then I usually screw them
up anyway, so it doesn't reallymatter.
But but thanks for being heretoday.
I really appreciate it and Ilove what you're doing here with
these luxury vacations and howyou're doing it, and you're
(01:38):
going about it in a differentway than pretty much anybody
else I've seen.
Speaker 2 (01:41):
Thank you very much for having me.
And yes, it's, we've tried to.
After doing a similar version,a little different, for about 18
years, we decided to make a bigchange and try to pick a new
niche in the market that noone's doing or very, very, very
few doing it and doing it well,and that's trying to build
something that I think peoplewill appreciate, which is pretty
much just giving peopleconsistency in expectations to
be met and through our vacationrental experience.
(02:04):
But we'll dive into that, butwe're pretty excited about it.
Speaker 1 (02:06):
Yeah, it's cool and you know some of the one of the
things that I saw that kind ofsummed it up for me and you can
tell me.
It was on either their websiteor LinkedIn or somewhere.
Helping our clients fulfilltheir vacation dreams is the
legacy we sought to create bydelivering elevated vacation
experiences and access to yourportfolio of luxury vacation
homes.
(02:26):
It's a little bit we talkedbefore the week when we went
live and it's like the JWMarriott meets Airbnb, where
you're going to get a higherlevel of experience in, but in a
home as opposed to a hotel.
Speaker 2 (02:41):
Nailed it Absolutely so the I think what's been
missing within the vacationrental space, which I think
anyone could probably attest to,is Airbnb and VRBO make up over
90% of the distribution of thevacation rentals around North
America and in different partsof the world, but when you go to
one, you're really relying on ahost and the level of quality
of experience they are choosingto deliver.
Obviously, airbnb and VRBOdeliver great distribution
(03:04):
experience a way for you to vetthe homeowner research,
understand them.
But does the home really lookthat good?
Does the furniture look thatgood?
Is there going to be groceriesin the fridge?
Is there going to be one rollof toilet paper or 10?
Like all these questions youhave to ask yourself before you
go on vacation.
And this is just the way theworld is.
We sought to say well, what if?
When you go to a hotel, what doyou get?
You get a great night's sleep.
(03:25):
You know exactly the pillowsand the linens.
You know what the coffee pot'sgoing to work.
You know that there's endlessamounts of toilet paper that you
can use.
There's great bath and bodyproducts, whatever it might be.
So we're trying to combine thebest of the hotelier experience
with vacation rentals.
So when you go to a Luxusvacation property home, no
matter where you go, you'regoing to great night's sleep a
fully stocked kitchen, anamazing bathroom and electronics
that are consistent andfamiliar.
(03:45):
And we think, if, if we were tosum up in one word, isn't
necessarily luxury, it'scertainty you know, giving
people a very specific, certainexperience that they know
they're going to get.
I we believe wholeheartedly thatpeople just want to know what
they're going to get.
On the other side, the world'snot providing it to them, so
we're going to give it a shot.
Speaker 1 (04:02):
That's cool.
And how did it start?
Did it start?
Did you start out doing this atthis level, or has it?
Has it grown to the point whereyou're realizing, okay, every
year we're adding a new featureor we're adding things that are
that are are more of a certaintywhen you get there?
Is that kind of how this went.
Speaker 2 (04:20):
So it started off.
It's a.
It started off at a certainpoint.
It certainly elevated as wewent on to refine the process,
but it came from my own wife andI and our problem.
My wife was pregnant with ourfirst, our boy 2006.
And we knew we wanted tocontinue to travel, but, as new
parents, maybe a little anxiousand nervous, and we didn't want
to travel hotels anymore.
It didn't make sense.
(04:40):
We didn't have the money to buyour own home.
So we thought wouldn't it befun if we put together a
syndicate?
And we basically raised $3.5million from 18 friends and
family, not intending at all forit to be a business.
This is truly like to solve ourown personal problem.
And we bought a home in Maui, ahome in Phoenix or Scottsdale
and a home in Western Canadalike a ski summer property.
We bought all of cash and nowwe had a ski property, we had a
(05:04):
beach property, we had a lakeproperty and we had a golf
property.
And what we did it, though?
We set them up the specific wayplay pens and booster seats,
since we had babies, you know.
We had proper knives, you know.
We had a line opener, we hadgood electronics, and I can go
down the list for 20 pages buthad all these things.
We wanted that business.
Kind of unknowingly we weretotally different careers but
(05:25):
snowballed and we ended upraising close to $100 million
and then buying 50 homes.
It became a real business overthat period of that kind of
seven to 10 years and we leftother careers focused on this
and it evolved to your pointover time.
And what happened is we justrecently, when COVID hit, which
had a pretty tough impact onCanada during the time and lots
of places in the world,obviously we decided to shut
(05:47):
that down.
So shut down a successful, good, solid, recurring revenue
business and instead of havingour kind of private club version
, we felt we could buildsomething bigger and better and
I don't want to use that in away that it was all about size
but more about impact.
We knew the experiences we wereproviding to our clients at the
time and we had about 20,000vacations over that you know, 16
(06:08):
year time period.
We're like what if we get amillion experiences?
Like wouldn't that be prettycool?
Like a million experienceselevated around the world with
people getting this better tripand vacation and memories with
their family.
And so now we tore it all downand we're rebuilding it back up
under this new version witheverything we learned and
applying this for like,significant growth over the next
five years wow, that's amazing.
Speaker 1 (06:29):
And now are you doing still doing a lot of
syndication.
Then are you still havinginvestors come in and do this,
or are you getting the money onyour own?
Like, how are you doing thatpart?
Speaker 2 (06:40):
yeah, so it's a great question.
So we shifted from syndicationand actually owning the assets
because we felt, I guess, thatthe the way to set up the home,
the way that we wanted we neededto own the home.
That was like our fundamentalbelief in the early stages.
But as we shifted along and westarted working with partners
like Marriott and Four Seasonson our development side, we
realized I didn't know this atthe time they don't own any of
(07:02):
their assets globally.
I didn't know this at the time.
They don't own any of theirassets globally.
Mary doesn't own, I don't know.
They own like 10 hotels out oftheir like 20,000 or something.
Speaker 1 (07:07):
I'm making it up.
Speaker 2 (07:08):
It's like nothing Same with Four Seasons.
They got out of hotel ownershipa long time ago and we're like,
wow, so maybe we don't need toown the assets.
Those are obviously superprofessional, incredible,
world-class, leading brands andthey don't own any assets but
they manage a brand standardthat's required of all their
asset owners.
So that's when we had this bigbelief shift to say, well, maybe
(07:28):
we just manage other people'sassets, apply the Luxus brand
standards.
So you have all these amazingthings we learned over 20 years,
apply them.
We know that guests appreciateand guests will come and rent
and reoccur rent as time goes onand decide to go that.
So we are out of syndication.
We're out of raising capital.
We are managing personalpeople's individual vacation
(07:49):
homes around the world andtrying to a do a really good job
, just running their asset,taking good care of their home.
Be maximizing the rentalrevenue through our program.
Speaker 1 (07:57):
That's really cool, and then, obviously, you have a
pretty serious set of standardsfor that.
It's not like I'm just going tocome up to you and say, oh, I
got a place in Italy and I wantyou to manage it, and you're
like oh yeah, ok, we'll manageit for you Because your
reputation is on the line,because it's your name that is
associated with these properties.
Speaker 2 (08:15):
Yeah, nailed it.
It's like it's a very hard part.
And the reason why?
Because if I'm sure someonehearing this, you're like well,
that makes total sense.
Why are there not hundreds ofthese companies out there that
can have these brands?
It shouldn't be complicated tohave the same linen quality in a
portfolio's homes.
It is actually tremendouslydifficult because you have to
get in.
Speaker 1 (08:34):
The difference is that you've got a place in Italy
, a place in Costa Rica, you'vegot a place.
I mean, that's not easy.
I mean you're managing that.
I read that on here.
That was the part, that was oneof the things that blew my mind
.
It's a great night's sleepExperience, complete relaxation
when you unwind with oursignature Luxus mattress and
premium sheets.
I mean you guys are branding,you're branding sleep in places
(08:56):
that are all over the world.
Speaker 2 (08:58):
It's true, and so there's like two problems.
One is like logistics.
Yeah, we're a very smallcompany still, but we tend to be
big and prove that we're goingto be quite large over time, but
we have to build the foundationto support that type of growth,
yeah.
The second thing is everyhomeowner needs to be convinced
to make an investment in theirproperty up front, because they
have to apply these things.
We get rid of their kirklandsheets and we put in our premium
(09:21):
.
You know hotel.
You know luxury hotel knowluxury hotel quality.
They get rid of their serrated.
You know Costco knives.
Costco is actually a goodknives but like I'm using it to
their to our Henkel knives.
So we have to change thesethings because we're not
necessarily just selling pureluxury.
It's really selling again anexperience that people can
expect to receive, and so that'sthe hard part and it's the
reason why there's only a barelykind of ish, a few people in
(09:43):
North America doing this andit's hard to get that on scale.
But once the flywheel getsgoing and right now, the proof
of performance and our numbersof the homes that are in our
portfolio they're outperformingthe market in so many factors
because guests want thatexperience and others aren't
providing it.
So if we can convince ahomeowner, it's got a $2 million
home and they got to spend 40grand or 30 grand to upgrade
(10:04):
their home to the theseparticular standards.
It's a drop in the bucket.
If we get them 50 to 100 grandmore a year in rental revenue,
yeah, no, it's, it's.
Speaker 1 (10:11):
It makes sense.
It's funny because we're kindof going through this on a very
small level.
My wife and I have a condo downin ocean city, maryland, and we
we actually hooked up with a, amanagement company.
That's a very small managementcompany.
It's called Benchmark.
I'll give him a plug, sincehe'll enjoy that Benchmark
Properties.
They're out of Ocean City,maryland, and he's definitely
very picky.
I mean, we have to make sure wehave everything the way they
(10:35):
want it.
It's not like, oh, we just dowhat we want.
It's our house, yes, but wehave to have a certain standard
and it makes a difference.
It really does.
And because people come back,and that's the thing that's
interesting is that we havepeople that keep coming back
because of the experience, and Iguess that's it.
You know, and that's the thingis, if I go oh okay, I know that
no matter where I stay, I knowif I go to a Luxus vacation
(10:56):
property, it's going to be thiscertain level, whether it's in
Costa Rica or in Playa de Carmen, or it's in California,
wherever it is, it's alwaysgoing to be the same experience,
and that is very cool.
Speaker 2 (11:09):
Well, and to your point, I should clarify when I
say there's no one doing this,there actually are lots of good
mom and pop shops local,regional.
Maybe this company, like yousaid, are doing a very good job
on a micro, regional level, or,like you know, maybe it's like
Southern California as aregional level and they've just
built this by applying their ownversion of brand standard,
(11:29):
probably in a lot of waysconsistent to us.
I mean, you've got sharp knives,you've got nice linens, you've
got good TVs, like a lot ofthese things are not like rocket
science, it just comes down tolike fine-tuned versions.
But as an international player,no one's been able to really
scale it to that level becauseit's the complexity involved.
So we love those small mom andpop shops doing a great job.
(11:50):
That's the type of companieswe'll probably acquire as we
grow that have already havethese brand standards with this
great portfolio homes to help ormerge them into our company and
allow to grow together.
So now for your family, forexample, if you travel with that
company, you were like, oh, Iwish they had a place in
Caribbean or in Italy, whateverI got to go find the Italian
version of this.
Well, now you come to Luxus andwe have them all.
So that's cool.
Speaker 1 (12:08):
Yeah, no, it's, it's actually cool.
And what's interesting too,looking at the website for that
company, all the houses, kind ofall the, all the condos and all
the places they do rent havethe same like look going through
them.
So it makes you actually, itmakes you want to actually make
yours even better because you'relike, wait a minute, they all
look the same as mine.
I'm going to make mine evenbetter looking than that is.
So it's kind of the same thing.
(12:29):
I looked at your propertiestoday and they're all just
spectacular.
I mean they're beautiful,beautiful locations, They've got
great views, They've gotbeautiful kitchens.
I mean you know it's, it'sdefinitely a nice, a nice up,
and the prices weren't as muchas I thought they would be when
I was looking at them.
Speaker 2 (12:45):
You know what, when we launched it's a great point
when we launched the company, itwas like, okay, we're going to
build like luxury, because Luxusis the Latin word for luxury,
so that was something we justfound, it on 18 years ago.
But luxury is a relative word.
There's kind of like kind ofthree levels of luxury.
There's like a attainableluxury, like something that's an
early stage.
There's luxury, then there'sultra luxury and that kind of
like these gaps.
So ultra luxuries, let's say,is your five, six, seven million
(13:07):
plus type properties and yourregular luxury.
Regular luxury, you know, is,you know maybe between you know
two to five million and thenbelow that might be like this
attainable luxury and they'reall great.
It very much is in the eye ofthe beholder.
Someone goes to an 800,000 hourcondo with a great bed and you
know one bedroom and counter, Idon't know granite countertops.
They may feel they're in aluxury experience.
Speaker 1 (13:29):
It's relative to what they're used to we think luxury
, yeah, yeah, exactly.
Speaker 2 (13:37):
So for us it just says, like, let's just build
range so that if you're spending500 bucks a night or 5,000 a
night, we have you covered.
Because maybe you want to spend5,000 a night for one big
experience super cool Caribbeanseven bedroom house in the ocean
but then you're going to wantto go back to the same spot but
you only want to be in a twobedroom with you and your wife
and maybe one other couple.
Well, I don't want to spend5,000 a night.
(13:58):
So we have the option to be inthe same Lux's experience, but
in a smaller condo unit orwhatever it may be, and people
like that.
They have the flexibility thento kind of choose their mission,
but stay within our portfolio.
Speaker 1 (14:08):
Yeah, that's cool, that's really cool.
What are the hiccups you'refinding, like, what are the
challenges that you're findingas you grow or in this realm
that you're in?
What are the the challenges?
Speaker 2 (14:21):
I would say the challenge for what we're trying
to do is it's very hard to gomulti-state and even harder to
go international.
Now it's a major buried entry.
Now.
We've been doing this for along time in different versions
so we're kind of like um,desensitized to the challenges
of like let's just open up in,you know, dominican republic,
like as we're kind of used tothe idea of offices and the
restructure involved to managebusinesses in different
(14:43):
countries, but it's a bigbarrier to entry for other
people to do.
So that kind of helps us in afactor from us.
I think the biggest you knowshift I would say in our
business um is the.
We knew getting into this, wetried to start at the trough
there.
We knew there was a peak andCOVID, this artificial bump of
vacation rentals where everyonein the world was doing it and
everyone was trying to enter thebusiness, and we deliberately
(15:05):
didn't start version 2.0 untilafter that crash started coming
down because we wanted to wait.
It's better to buy low and sellhigh versus start high and sell
low like everyone else, whichis happening, and he gave tons
of examples.
It's unfortunately very sadit's how long this trough will
be and to what extent the painis.
So the compliance regime is abig part of this issue.
You're sure you've heard this,but like short-term rentals
(15:26):
getting banned in cities allover the place.
A lot of cities havewell-established short-term
rental guidelines that we canfollow now, but there's a lot of
cities still trying to figureit out and waiting for the rules
to change.
So we have to kind of park andwait before we enter city X
until that city council hasdecided what their rules are
around short-term rentals, andthat sucks because we want to go
to city X.
Speaker 1 (15:46):
Well, we had another guy on here that was that was
kind of going through the samestuff.
He was actually out in Colorado.
He's Airbnb type homes and hesaid that's the biggest thing is
that these townships and stuffare now discovering Airbnbs and
they're getting complaints andall that stuff and now they're
trying to write these rules.
Problem is, if you alreadybought a property and you're,
and you're, you know, basingyour income on that, that's a
(16:07):
big problem.
Speaker 2 (16:09):
It's, it's huge and that's why we actually have,
like I said, advisory service.
We call it, we don't reallymarket it as such, we were not
intended to be but we meet, seeso many people make so many
mistakes because they get to amarket and I'm not bucketing all
realtors in the same bucket butmany of them don't really know
the short-term rental space theway they should in their local
markets and I, if you are arealtor listening to this, I
encourage you to become ashort-term rental expert in your
(16:30):
area.
Like literally know what thelast city council meeting was
and what they talked aboutrelated to this.
And we see often they meet witha realtor.
Realtor says and the says Iwant a short-term rental.
They're like I'm sure you canshort-term rental this place.
I'll give Las Vegas as a greatexample, because we had a
project going there.
It's separate, but there was20,000 illegal Airbnbs going in
Las Vegas and a couple of yearsago they had a lottery for 2,000
(16:52):
legal short-term rentals, so Ihad a client that was going down
there.
Speaker 1 (16:58):
Yeah, yeah, exactly 2,000 legal.
Those numbers don't work well,Well exactly.
Speaker 2 (17:04):
So now what?
Vegas hasn't figured out how toenforce the illegals yet, but
cities will eventually figureout how to enforce illegals.
So because they're notenforcing it, I had a friend
went down, didn't use ourrealtor, use another realtor,
and the realtor sold him a houseand the realtor said, yeah,
well, this guy short-termrenting it.
(17:24):
But he didn't know to ask thequestion are they truly a legal
permit?
It's only been doing it for 10years.
So I'm a client on their sidesaying, well, we've been doing
it for 10 years, it's probablyokay, and now he's going to get
shut down in the next year anduh.
So we encourage like, if you, ifanyone listening, wants to buy
a short-term rental vacationhome and wants the real rules,
contact us.
We'll connect you with theexpert in the area.
I don don't know every marketin the world, but we have a
pretty good understanding of keyones in North America.
(17:44):
But if we don't, we'll find youa person that can give you the
proper guidance.
So if you buy a rental, you doit with full disclosure and you
do it knowing what you can orcan't do with that particular
property.
You don't have a multisix-figure mistake because you
have to the numbers that you'retalking.
Speaker 1 (18:02):
I mean, you know, when you're looking at these
properties that are more luxury,we're not talking a place
that's 150 bucks a night.
You know that could get reallybad really quick.
That's unbelievable.
Speaker 2 (18:14):
It does yeah, I'm sure it does Like 500,000, like
in Maui, and Maui is goingthrough a short term rental and
they're going to get they haveto go to 30 or 90 day rentals.
They'll probably cut theirrevenue by 80, 85%.
So it's a that's material.
Speaker 1 (18:29):
It also hurts the resale value Cause if, if you're
if you're gonna, if you wereplanning on doing that, if
somebody and you're like and youput it on the market and you
say, hey, by the way, you haveto do 30, 60, 90 day rentals.
Speaker 2 (18:44):
I mean, that's that definitely hurts the, uh, the
resale value big time.
Yeah, it's big big swing.
Speaker 1 (18:46):
There's a lot of that that still hasn't been played
out.
Speaker 2 (18:48):
Pardon me.
Speaker 1 (18:49):
I said, there's a lot of that just still hasn't
played out yet across thecountry.
The Airbnb is a short-termrental.
A lot of that has not playedout and it'll be interesting to
see where it goes.
So let's go into, let's go intoyour whole thing with the four
seasons.
You're doing that now.
You're in partnership with themout in Vegas.
Yep, You're putting up.
Now what is that?
That's private residences.
Is that kind of is that?
Is that a timeshare situation?
(19:10):
Or is that just going to be allyour luxury rentals?
Speaker 2 (19:17):
Good question.
So think of both companies usedto be integrated from kind of
2014 to 2020.
And when COVID hit, we decidedto totally separate the
companies.
So, even though they're undercall it the Luxus Group umbrella
you got Luxus VacationProperties, independent
Ownership, independentManagement.
And then you have LuxusDevelopments, which is
Independent Ownership,independent Management.
Now the commonality is I'm themajority owner of both companies
(19:38):
, but we have partners in bothof the companies to kind of
serve their unique purpose.
So the overlap as very little.
So a lot of people think webuilt the Four Seasons to put
over an L Luxus vacationproperty, but they're actually a
whole separate business purposeand so that business kind of
runs my, my partner, john, anduh, and it's it's kind of, you
know, morphed into thiswonderful relationship with Four
Seasons, which is awesome.
(19:59):
My mind, I think everyone's.
It's like the, probably thepreeminent global hospitality
brand in the.
You know, they're justunbelievable and they're equally
amazing people.
We are just blessed to workwith them and we ended up
getting the uh, the project forfour seasons private residences
Las Vegas.
And to explain the differenceis it's an important distinction
and it's also exciting becauseit's a.
It's a neat um change in themarketplace that we're able to
(20:21):
try and bolt ourselves as beingan expert on.
But a lot of these hotel brandshave always built hotel rooms
and they've attached vacationrentals to the home.
So very common with FourSeasons and others.
Four Seasons is now in certainmarkets doing what they call
standalone residential.
So no hotels, no hotels, roomsat all, purely residential.
Some of them you can rent, butin the case of Las Vegas it's
(20:42):
purely to live.
So it's really, if you want tolive in Las Vegas and a luxury,
amazing condo, lock and leavefrom two bedrooms to like six
bedroom penthouses, so 4 millionto 30 million, and I want to
not be in a single family homeand I don't want to live on the
strip.
There's very little options forluxury condo living and so
we're building the Four Seasonsbranded vacation properties I
(21:03):
say vacation residences there,rather, and it's a really
exciting thing because FourSeasons has lots of these going
around the world now and we'reexcited to be able to work with
them on this one and probablysome others.
And it's a way you can now livethe Four Seasons lifestyle but
you don't have to share the poolchair with a hotel guest,
because you're ultimately therewith other residents.
Speaker 1 (21:22):
Yeah, that's cool and that's a that's a thing for you
to say as far as on your resume, to say that you guys were good
enough to to partner up withFour Seasons.
I mean as as a resort.
I mean, that's amazing.
Speaker 2 (21:35):
Well, you know, we pinch ourselves because, you
know, we, we I don't know and we, we've done some pretty cool
projects in the past.
We thought were relatively coolfor, you know, different parts
of the world, Hawaii and all theother things, but working with
them has allowed us to thinkbigger and think along a
different level of scale and abigger, bigger level of impact.
Yeah, and for them.
You know they choose theirpartners.
You know very carefully, like,and it was so it's really was a
bit of a an honor to be selectedas as a development partner for
(21:59):
them to develop properties anddevelopment partner for them to
develop properties, and uh, andwe're, they've just been great
to work with and I think theseare open and honest and
transparent.
Where our strengths, weaknessesare, and where we are unable to
, uh, to fulfill a specific needthat's required, we'll bring on
partners that have that abilityand we're thrilled to bring up.
We're not the experts oneverything we don't presume to
be, so we just partner up forthose who are yeah, that's
(22:19):
awesome, that's awesome.
Speaker 1 (22:21):
So let me go into the couple more things.
One of the things that that wasinteresting real quick and I
guess it kind of has to do withhow you get started.
In this it says here I wrotedown you had a bad Disney
experience as a kid.
Speaker 2 (22:32):
Yeah, yeah, no, I did so.
I'll try to give theabbreviated version.
You can ask any questions.
But my first plane trip and ourfirst family experience, my
parents were not wealthy.
They were poor for lack of abetter word because they had me
as teenagers and I had my sisterafter, but worked very hard on
their careers and built up asuccessful business and we had
(22:52):
our first trip.
I went to Disneyland and thiswas still early stage in their
careers and got to the firsthotel.
It was kind of trash.
I didn't know anythingdifferent.
For me it was like oh, there'sa pool, like very cool, like
that's all I really cared aboutas an eight-year-old.
And they're like we're going toa different hotel.
And it was like, and I sayhotel, this is a motel.
Like you know where there's acourtyard, a pool in the middle
(23:16):
Doors on the outside, to be veryclear what it was.
We go to Disney the first day.
Of course it's magical, all youremember.
It's amazing.
And then we go to the hotelroom, go to the pool, hang there
in the afternoon, go back there.
Our doors kicked in and ourhotel, our motel room, was
robbed.
Oh no, I remember my parents.
My mom was crying and my dadwas obviously emotional and as
(23:38):
kids, you don't know what to do.
Or young my sister's a fewyears younger and they were like
, okay, they don't know what todo.
We're young my sister's a fewyears younger and they were like
, okay, they didn't steal thepassports, they took my jewelry,
they took our cash.
They're like I think we got togo early.
But then they got really upsetbecause they stole our three-day
Disney passes.
Like, what kind of thief stealsyour kids' Disney passes?
And my parents didn't have anymoney so they couldn't just go
(23:58):
like, oh, just swipe the creditcard and go buy new ones and
this is a big deal for them, youknow.
And um, so on this trip theyspent a lot of money.
But the really cool thing was isthat, um, five minutes later,
police are over taking themstatements, this other family's
checking out and they're like oh, we got robbed as well and we
got wiped out.
We have one day left fourpasses for disney.
(24:18):
Do you guys want them?
And they gave them my to myparents.
And it's like I get goosebumpsright now and literally just you
know telling the story everytime I tell it because it's like
that is generosity, like youexpect nothing in return.
We were like boarding anairplane, you'll never hear from
us again, but here's, here'sthis, and my mom was again
crying again.
And then, you know, we ended upstaying for an extra day and
(24:39):
went back to Disney for a secondday and it taught me so much
about, like, hard work, hardship, the way life is, generosity,
and it kind of helped form afoundation, like my first true
memory of a childhood that stuckout, that was formative from
the rest of my life and, uh, washaving beginning robbed in
Disneyland.
Speaker 1 (24:58):
That's not everybody's experience of
Disneyland the first time.
Speaker 2 (25:02):
Totally.
Speaker 1 (25:03):
Totally yeah, typically it's a little better
than that, just so you know.
Speaker 2 (25:09):
We brought the kids back one point and it was a lot
better experience now, but ithappened.
So anyway, that was it.
Thanks for asking though.
Speaker 1 (25:16):
No, it stuck out to me when I was reading through
your stuff, so we're going towrap this up.
I like what you're doing, Iwant you to stay in touch and,
uh, just real quick, what arethe places?
What are the places?
You think?
Man, if I could just manage aplace there, it would be awesome
good question.
Speaker 2 (25:32):
I don't have a lot of familiarity with the east coast
.
I know you're on the east coastand so we're starting to like
we're very familiar with thewest coast western us, hawaii,
latin America but East Coast not.
So I'm really getting excitedabout.
I won't say this is the oneplace, but like the one region.
I want to understand, from theCarolinas down to Georgia and
Florida, about places, and ofcourse we know the obvious ones
(25:54):
that you can see on the map, butsome of those really special,
like Sea Island, there's a lotof cool places.
Carolinas.
It's an amazing beach placeplay Hilton head, things like
that so I'm excited to learnmore about that.
Uh, that side as we grow ourbusiness.
Speaker 1 (26:07):
Well, let us know we can help you out with that too.
I mean, I've been on this, I'vebeen out this way since I'm
born, pretty much so 54 years ofexperience on the East coast.
Um, I will call you.
Yeah, definitely do, Definitelydo I really appreciate your
(26:29):
time and is there anything?
You know what I want to do.
I want to share your.
Speaker 2 (26:31):
Your website is luxusgroupcom right, and your
Instagram is just a instagramcombackslash.
Lux Luxus VP right, Correct,yeah, that's the main one.
Yeah, and Stephen Patasky ifthey.
I don't post a lot, but there'ssome odd things on there.
Speaker 1 (26:39):
Well, the best one was when your kids were falling
asleep in the plane.
That was, that was my yeah, andif you, if you're watching this
show right now, you'relistening.
You got to go to his personal,uh, instagram.
It was on your personal, I'mpretty sure, and it is.
It's a trip.
He's on a helicopter with hiskids.
He's uh, they wanted the windowseats, I guess, or you thought
they did, and they're falling.
They're both falling asleep andthere's a video that you take.
(26:59):
That is just to me hilarious.
It just if you have, if youhave kids, it makes it even more
funny that's awesome.
Speaker 2 (27:05):
Literally I've watched it 500 times.
There were my kids and I wasthere and I still think it's
funny it's hilarious dude noone's told me it's not funny,
it's hilarious, it's hilariousall right.
Speaker 1 (27:14):
Well, thanks for joining us today.
I really appreciate it, man.
We'll definitely have you backon and we wish you the best of
luck with these properties.
Uh, I'm definitely going to betaking a look at some of them.
Maybe we'll end up staying inone of these properties, because
they are very, very nice.
All right, there you go.
Steven Pataski he's amazingLuxus Vacation Properties.
If you're looking for a reallynice place to stay, whether it's
(27:35):
in Costa Rica, or he has placesall over the place there's
places to stay.
And there you go.
He actually has serviced morethan 20,000 vacations, which
blew my mind.
But yeah, check him out.
He's online at LuxusGroupcom.
That's about it.
We'll see you next Thursday, 7pm.
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