The World’s 50 Best Hotels Revealed

Welcome to the 56th edition of Maximalist! Dive into the ultimate guide, filled with insider insights into the world of fashion, art, real estate, travel, jewelry, and horology.

The world of luxury is never boring, and this week is no exception. Let’s dive in!

Markets

On this week’s agenda:

1. The World’s 50 Best Hotels Revealed

2. The Row’s $1 Billion Deal

3. Chanel Purchases 42 Avenue Montaigne

4. Christie’s Handbags Online: September Closes at $2M

5. EssilorLuxottica and Meta Collab Renewed

The World’s 50 Best Hotels Revealed

Forbes' Lifestyle Travel section reports that Capella Bangkok, a modern hotel enveloped by lush gardens and overlooking Thailand's Chao Phraya River, has secured the number one spot in the 'World’s 50 Best Hotels' for 2024. This achievement marks a significant climb from 11th place in 2023, earning it also the title of 'The Best Hotel in Asia 2024'. The hotel, which opened its doors in 2020, combines the grandeur of a large hotel with the personal touch of a boutique destination, featuring 101 rooms and villas, all facing the river and many with private pools.

Italy's Passalacqua, dropping from first place last year to second, remains a highlight with its 18th-century villa setting along Lake Como, complete with spectacular terraced gardens. It also received the Carlo Alberto Best Boutique Hotel Award for 2024, signifying the highest-ranking boutique hotel on the list.

Asia dominates this year's list with 19 hotels, including four from Bangkok alone, emphasizing the city's global appeal as a travel destination. Europe follows with 13 entries, prominently featuring properties from France, the UK, and Italy, such as Paris' Cheval Blanc and London's Claridge’s. North America's top entry, The Carlyle in New York, ranks at number 30, with a total of nine properties listed.

Additionally, each continent's top hotel was recognized with regional titles: Capella Bangkok for Asia, Passalacqua for Europe, Chablé Yucatán for North America, Rosewood São Paulo for South America, The Calile for Oceania, and Mount Nelson for Africa.

The 'World’s 50 Best Hotels' is curated by an independent group of over 580 industry experts and does not require hotels to pay for nomination or participation, ensuring an unbiased selection. The list, first introduced in 2023, aims to spotlight the finest in global hospitality. Here's the complete top 50 list for 2024:

1. Capella, Bangkok

2. Passalacqua, Lake Como

3. Rosewood, Hong Kong

4. Cheval Blanc, Paris

5. The Upper House, Hong Kong

6. Raffles, Singapore

7. Aman, Tokyo

8. Soneva Fushi, Maldives

9. Atlantis The Royal, Dubai

10. Nihi Sumba, Sumba Island

11. Claridge's, London

12. Mandarin Oriental, Bangkok

13. Raffles London at The OWO

14. Four Seasons Bangkok at Chao Phraya River

15. Hôtel de Crillon, Paris

16. Chablé Yucatán, Chocholá

17. Hotel du Cap-Eden-Roc, Antibes

18. Maroma, Riviera Maya

19. Four Seasons Firenze, Florence

20. Borgo Santandrea, Amalfi

21. Desa Potato Head, Bali

22. Bulgari, Tokyo

23. The Lana, Dubai

24. Rosewood, São Paulo

25. The Calile, Brisbane

26. The Siam, Bangkok

27. Park Hyatt, Kyoto

28. Mount Nelson, Cape Town

29. One&Only Mandarina, Riviera Nayarit

30. The Carlyle, New York

31. La Mamounia, Marrakech

32. Four Seasons, Madrid

33. Capella, Singapore

34. Four Seasons at The Surf Club, Surfside

35. Hotel Bel-Air, Los Angeles

36. Eden Rock, St. Barths

37. Aman, New York

38. Royal Mansour, Marrakech

39. Amangalla, Galle

40. Le Bristol, Paris

41. Gleneagles, Auchterarder

42. Castello di Reschio, Lisciano Niccone

43. Suján Jawai, Rajasthan

44. Singita, Kruger National Park

45. Six Senses Zighy Bay, Zaghi

46. The Connaught, London

47. The Brando, Tetiaroa

48. Hotel Esencia, Tulum

49. The Tasman, Hobart

50. Kokomo Private Island, Yaukuve Levu Island

The Row’s $1 Billion Deal

The Row, a luxury fashion brand founded by Mary-Kate and Ashley Olsen, has received significant investment from prominent figures in the luxury goods industry. The billionaire Wertheimer brothers, who control Chanel, and Francoise Bettencourt Meyers, the granddaughter of L’Oréal's founder, have acquired minority stakes in the brand, valuing it at $1 billion.

According to Bloomberg, the Wertheimer brothers made their investment through their New York-based family office, Mousse Partners, which also operates in Beijing, Hong Kong, and the Cayman Islands. Meanwhile, Bettencourt Meyers, recognized as the world’s second richest woman with a net worth of $85.9 billion, invested through her family vehicle, Téthys, the largest shareholder of L’Oréal.

Founded in 2006, The Row has established a global presence with boutiques in London, New York, Los Angeles, and Amagansett in the Hamptons—a popular location among celebrities like Paul McCartney, Lou Reed, and Gwyneth Paltrow.

The brand is renowned for its minimalist approach to fashion, creating high-end coats, bags, and jumpers that have attracted a following among celebrities such as Kendall Jenner, Meghan Markle, and Margot Robbie.

Personal backgrounds of the Olsen twins also add to the brand’s story, with Mary-Kate Olsen having previously been married to Oliver Sarkozy, and Ashley Olsen married to artist Louis Eisner.

The investment by such high-profile figures underscores The Row’s significant position in the luxury fashion market and its continued appeal to both investors and consumers alike. Representatives for The Row, Mousse Partners, and Téthys were approached for comments on the investments.

Chanel Purchases 42 Avenue Montaigne

Chanel has acquired a property at 42 Avenue Montaigne, a prestigious shopping location in Paris, marking a strategic move in the European luxury market's competition for prime boutique spaces. This address, located near the iconic Champs-Élysées, is part of Chanel’s ongoing efforts to enhance its retail presence, which includes an existing boutique in the same building and another at 51 Avenue Montaigne. The terms of the transaction were not disclosed, but the previous owner was Italian insurer Generali, as noted by sources who preferred to remain anonymous.

This purchase is a continuation of Chanel's substantial investments in key locations across major cities, including Paris, London, and Biarritz, aiming to solidify their real estate holdings. Owning properties helps the brand manage rising rental costs and supports the lavish refurbishments needed to transform these spaces into luxurious shopping destinations that attract affluent clients.

The trend of acquiring real estate for flagship stores is evident among top luxury firms. LVMH, for instance, inaugurated the Christian Dior flagship at 30 Avenue Montaigne, which features exclusive amenities like a museum, restaurant, and private gardens, designed by the famed architect Peter Marino. LVMH’s CFO, Jean-Jacques Guiony, emphasized the advantages of property ownership in allowing expansive and long-term planning for store design and offerings.

The area of Avenue Montaigne itself is a magnet for luxury shoppers, with amenities such as the Plaza Athénée hotel offering rooms at rates up to €2,500 per night. Chanel’s property investments now top $7 billion, with plans for a major overhaul of the 42 Avenue Montaigne boutique slated for 2029.

Other luxury conglomerates like Kering SA and Prada SpA have also been active in securing high-value properties, highlighting the ongoing competitive push within the luxury sector to claim and enhance prime retail locations.

Christie’s Handbags Online: September Closes at $2M

Christie’s New York recently concluded its "Handbags Online: The September Edition" auction, amassing nearly $2 million in sales. This event boasted a 99% sale rate by lot and a 100% success rate by value, indicating a robust demand for luxury handbags. The auction featured a diverse array of bids with participation from the Americas (46%), Europe (22%), and the Asia Pacific and Middle East regions (32%).

A standout moment was the setting of a new world auction record for a Louis Vuitton handbag. A rare, limited edition Louis Vuitton x Yayoi Kusama Pumpkin Bag in yellow and black monogram leather with silver hardware fetched $151,200, surpassing the previous record set by Christie’s in December 2023. This sale not only set a record for this specific model but also for any Louis Vuitton handbag ever sold at auction. Christie's currently holds the highest auction prices for handbags from major luxury brands such as Hermès, Louis Vuitton, and Gucci.

The auction's highest bid was for a rare, matte white Himalaya Niloticus crocodile Retourné Kelly 25 with palladium hardware, which sold for $163,800. Other notable sales included a matte white Himalaya Niloticus crocodile Birkin 25 with palladium hardware that went for $119,700, a limited edition red and white monogram Courrier 90 trunk from Supreme for $81,900, and a shiny ombré Salvator lizard Birkin 25, also with palladium hardware, which achieved $63,000.

Additionally, the auction featured Chrome Hearts bags from the collection of Justin Reed, with a black and multicolor cross patch backpack adorned with sterling silver hardware fetching $37,800—more than double its low estimate.

EssilorLuxottica and Meta Collab Renewed

EssilorLuxottica and Meta Platforms have renewed their collaboration with a long-term agreement aimed at pioneering the next phases of smart eyewear. This partnership, building on the successes since 2019, focuses on creating advanced multi-generational smart glasses. Their combined efforts have already brought to market two iterations of Ray-Ban branded smart glasses, which have significantly eased consumer adoption challenges and demonstrated the transformative potential of wearables.

The collaboration leverages EssilorLuxottica’s deep industry expertise and extensive global retail and wholesale network alongside Meta’s technological innovations. The result has been Ray-Ban Meta glasses, which have achieved mainstream success and are highly sought after in multiple markets including the US, Canada, the UK, Australia, and various European nations.

Francesco Milleri, Chairman and CEO of EssilorLuxottica, praised the ongoing partnership, highlighting the company's decades of industry leadership and significant annual investments in research and development. These efforts aim to enhance the quality of life for billions and redefine how people interact with the world and each other through innovative eyewear.

Mark Zuckerberg, Founder and CEO of Meta, expressed enthusiasm for the future of this partnership, emphasizing the goal of transforming glasses into a key technology platform while maintaining their fashion appeal.

The most recent product launch in Fall 2023 introduced the latest generation of Ray-Ban Meta glasses, featuring cutting-edge technology integrated into Ray-Ban's iconic frame designs. These glasses offer various high-tech functions like phone connectivity, media sharing, music streaming, and live broadcasting, all through hands-free operation. This advancement, including the integration of Meta AI in North America, enhances user interaction, offering a more connected and immersive experience.

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