I was taken to the top floor of the Elara Hotel and looked out at windy Las Vegas through the letters mounted outside the 52nd floor window. Look down and you’ll see the Formula 1 circuit winding past the base of the building. By day it’s part of a busy network of taxis and supercars, but at night it’s cut off, glowing with overhead lights, and spending a short week as home to some of the greatest racing drivers the world has ever seen. I’ll spend it.
It’s confusing how close Elara is to the course. We are fortunate to have the track confirmed to be built on our doorstep, and Hilton Grand Vacations is certainly taking advantage of the opportunity presented.
As much as I wanted to continue gazing out at the desert of penny slots and private jets, I had more important things to do. I was there to interview Mark Wang, CEO of Hilton Grand Vacations, about his love for the sport and how his company is hosting the city’s second Grand Prix. We talked about how we celebrate.
“I actually moved to Hawaii with very little money in my pocket, and that was kind of my start,” he said of how he began his career in the hospitality industry. “I spent 27 years at Hilton. I started several companies before Hilton hired me, so I’ve been with this company now for 25 years.
“When I went to Hawaii, I actually took a big risk. I was working in a small company and at the time I felt like I wasn’t married, I didn’t have kids, I didn’t have a father. … Let’s go see what Hawaii can bring, and it worked out very well.”
Under an exclusive license agreement with Hilton Worldwide, Hilton Grand Vacations is growing rapidly. When Wang first joined the company, it had 15,000 members. “Twenty-five years later, we have more than 700,000 members,” the CEO acknowledged.
“Right now, I think we have 13 properties in Hawaii, compared to three when I joined the company, and now we have 200 properties (in total). So we continue to see significant growth. “We were very fortunate in 2008.” The company was acquired by Blackstone and taken private, but returned to the public market at the end of 2013.
“Then in 2017, they decided that the best value creation for all shareholders was to form three separate companies, so they acquired our vacation ownership business and our timeshare business and separated them into separate companies. They took away all of their substantial assets.”And Hilton, the main company, now has over 20 brands and operates franchises…which most people are familiar with. and we named it Hilton because of its name. We signed a 100-year license agreement. Then access to data and customers. ”
The HGV brand is no joke. But it’s also nothing like F1 and its huge fan base. We are fortunate to have a great relationship with Mr. Wang, who has been passionate about the sport for over 40 years.
“My first experience with F1 was in 1980. My first race was in Long Beach. It was the Long Beach Grand Prix. And my second race was the 1982 Las Vegas Grand Prix. I was in 1982. I was here in 2016.
“When they won the Las Vegas Grand Prix, it was in the parking lot of Caesars Palace. And it was October and it was scorching hot. That’s part of the reason they do it at night in November. I think they don’t want to race in the summer heat here.
“Now I’ve been to 29 races. This is my 29th race. And I’ve been very lucky. I’ve been a fan ever since I experienced my first race in Long Beach. “Formula 1 has changed a lot and is now world-renowned as the highest quality and fastest car, making it a perfect fit for Las Vegas.
“And we were very lucky when we heard that F1 had acquired the land behind our property here and were building a permanent pit. could be built along our property.” And as soon as we heard the news, we put together a team. ”
HGV boasted a 400-foot trackside vista for sports fans who wanted to get up close and personal with their favorite drivers in the clubhouse. It was eye-opening to check out the space while taking in the view of the pit stop and the sound of cars chatting full on the straights of East Harmon Avenue. Ahead of Saturday’s race, the venue was filled with amazing food hand-selected by top chefs, drinks from around the world, and a live show from hip-hop artist Flo Rida. The free-flowing Red Bull helped me overcome the jet lag.
“People have different levels of interest and experience, and what we’ve created here is that by focusing just on the overall experience, we’re really creating opportunities for people of all levels of interest. I think so,” Wang continued.
At the end of the day, I think the world is turning into this experience platform, right? And people are looking for new things and new experiences. And we were able to create a space where they could be close to the truck and enjoy a great culinary experience, but also a space that I think they did a really good job of this year.
“We have simulators, right? We have a concert series. The race is two hours at the end of the day, and then qualifying is about once an hour, so there’s a lot of activity around the race. It’s been done for three hours, but most of us are here for three or four days, right?
“So we’ve got to keep them entertained. And I think our business has always had a service ethos. But over the last four or five years, we’ve really focused on It was about how do we create the spirit of the experience?” For us, our mission is to put people first.
“Not just our guests, but our team members as well. And we’ve really invested in this ultimate access platform that we’ve developed. I think we hosted 3,600 events last year, all of which It’s probably the second biggest event ever, after the Tournament of Champions, which is affiliated with the LPGA.
“But we do over 60 live concerts a year, and we have a lot of culinary experience. And our team has done a really great job building on this, you know, I is thinking about this transformation that’s happening all over the world, especially here in the United States, where people are willing to pay for great experiences and want to be able to have those opportunities.
“And for us, it’s very rewarding to be able to expose these experiences to our members, because a lot of the people who join us here, our guest members, have never played F1 before. Because they haven’t experienced it.” So we’re opening their eyes to new experiences that they haven’t seen before. ”
Hilton Grand Vacations has been partnering with F1 since last year to get as much as possible out of race week. But what does this partnership involve?
“This year, that partnership has really evolved. I think at the beginning of last year we were all feeling each other out trying to figure out what’s the best way to position this race to consumers,” Wang said. I admitted it.
“I think our relationship with F1 has really improved this year, and I think you’ve heard it from others as well, but I think in some ways they exceeded expectations for Las Vegas at the price they wanted. When I first heard the setting, here’s what I wanted to accomplish, I said to the team, “I don’t know if we can do that.”
“At the end of the day, not many people can afford to make an investment like this. But I think the alignment worked out well and we’re really happy with the relationship.”
F1 is the most popular of all time thanks to the likes of Drive to Survive, which has exploded in interest, especially in the US market. But what happens when fans inevitably start to lose interest and the next phase of F1 begins? Will this partnership between HGV and F1 be able to weather such a storm?
“I think that’s based on the feedback that we’re getting, from our guests, right? Obviously, we’re investing a lot to create this experience. And I see that. Our KPIs are actually: What was the level of participation?
“So what kind of demand is there? How many people bought tickets from us? How many people enjoyed it so much that they decided they wanted to upgrade their program with Hilton Grand Vacations? That’s very important. How many new customers did we gain? That’s it for the brand this week.”
Leading up to the race weekend, I spoke with many Las Vegas residents and each had the same opinion about their new home race. Obviously, we are not enjoying this situation as it creates more logistical problems and road closures are a nuisance. One resident I spoke to on a flight from Los Angeles to Las Vegas admitted that his car was damaged by road construction. She wasn’t happy.
“At the end of the day, the revenue generated and the taxes that come out of it are good for everyone here,” Wang told me.
“Of course, there are always certain situations where a road block or a railroad track could disrupt someone’s business. That’s very unfortunate. I don’t know if there’s a way to make up for it. But most Well, more than most people say that’s a positive outcome for Las Vegas. ”
Elara is a luxury hotel with 5000 rooms that offer views through the building’s mirrored façade. However, there is no casino on site, which provides a moment of peace when guests return throughout the day. This is unique in Las Vegas and brands want to leverage it into their guest value proposition.
“They love the fact that they come back to our property and there’s no crowds, no smoke, no noise. It’s much more relaxing here. They come back, rejuvenated, well-rested, and then go to Las Vegas. is truly a mecca of entertainment and it’s great because it’s always evolving.
“That’s great. We’re leveraging these assets, and our members come back year after year, so they benefit from us as well. It’s kind of a win-win for everyone.
“I think our team just does a great job of hosting our guests and members, and people feel at home here. Some of our guests, who are members, come three times a year; We have some guests who come to Las Vegas four or five times.”
It is clear that Elara’s guest has a good relationship with Mark Wang at the helm. But what about F1 weekends? I don’t know if it will get better. I continued my conversation with Wang, discussing tire temperatures, track-specific upgrades, hot laps, etc., for nearly the next hour. He was scheduled to run a hot lap with me and my colleague Lydia Mee the night before, but due to the postponement, he had to pass that chance on to his lucky son. When I told him Mick Schumacher was driving, his eyes lit up.
This enthusiasm for the sport was reflected in what HGV had to offer that weekend, which isn’t always evident in a place like Las Vegas. If you’re a F1 fan, Elara by Hilton Grand Vacations is the place to be.
