His recent pet project, The Time Hotel, a boutique hotel in the heart of New York’s Times Square, is the visually stunning product of a $42 million investment. Chatwal calmly explains that it’s now worth about $65 million. But after a quick introduction to The Time, and after listening to Chatwal’s comments about the hotel, it becomes obvious that he’s in it for more more than just building hotels and making a few bucks. The ultra modern, trendy décor of the hotel is Chatwal’s attempt to bring some sense of artistry into his corner of the hospitality business, and also make his own kind of statement.
“It’s not just a piece of real estate, but one that has a cutting edge to it,” he explains. “The Time is a function of Times Square.” Chatwal saw Times Square in its capacity as the undisputed world epicenter of pop culture, and wanted to create a hotel that would capture that essence.
The Time also seems to reflect Chatwal’s own high-flying and unabashedly fashionable persona. “Being a hotelier is playing host. There’s just a lifestyle I lead and it’s part of finding myself. It helps in creating a certain persona for the hotel.” A former model who has posed for Vogue, Chatwal is a businessman with a flare for navigating the unpredictable and ever-changing waters of pop culture, interacting with celebrities, artists and politicians.
Hotels are in his blood. His father, Sant Chatwal, founded successful hotel group Hampshire Hotels and Resorts, of which The Time is a part. But though Vikram will eventually take over as head of the group, he is clearly intent on doing more than just inherit the family business.
He remembers, “My father was always a role model growing up. But I started getting other role models as a kid, like Michael Jordan, Bob Marley, and Anthony Hopkins.” He reflects, “When I was young my parents were very conservative and so I was confused around my peers. Now I find myself reverting to the traditions of India. But you have to find a blend. I’m Americanized, but I meditate and I pray and I stay close to the cultural traditions of Sikhism.”
Second generation Indian Americans are often typified, and sometimes even vilified as the ABCD – American Born Confused Desi. But consider a name, a face and a family that’s sounds Indian, or ‘Eastern’, but an American accent, upbringing and peer group. The so-called ABCD’s exposure to India and its culture is limited and mixed. First generation Indians often scoff them as lost Indians, trying to be Americans while digging for their Indian roots, and Americans could take them as Indians pretending to be a part of American culture. They are able to magically assimilate this storm, though some could end up forever fighting the distinction, or trying to come to terms with it.
It is evident from his various entrepreneurial ventures, and his affinity for cutting edge artists like Basquiat and conceptual artist Damien Hearst, that Chatwal is intent on closely monitoring the pulse of American culture. He is moving outside the bounds of his father’s legacy and the stereotype of the “Indian hotel owner.” Asked about his father’s legacy, Chatwal says, “Sometimes living in a shadow, you have to come up with something different.”
An example is Joe’s Pub, a lounge and public theater that Chatwal launched to showcase new talent. Famous artists like Duran Duran, as well as poets, and various other artists have performed at Joe’s, which has become, in Chatwal’s words, “very hip,” and consequently very successful.
Looking for further opportunities, he spends his time scouting interesting property. He recently bought Bush Hall, which was the summer home of writer Beatrix Potter outside of London, and is planning on turning it into a Victorian resort. He also bought a piece of property in Montreal and turned it into an award-winning hotel he describes as “an old-style French chateau mixed with the new funkadelic scene of Montreal.”
All of the jet-setting and pop culture aside, however, the unassuming Chatwal, who was educated at Wharton and worked for Morgan Stanley, knows that the traditional hotel business in New York that his father developed is his cash cow. He assures that it will be the main focus going forward. He even admits, “This whole boutique hotel market has become a bit saturated. Minimalism is being spread a bit thin.”
Indeed it’s a tough time for the hotel business in general, as economic conditions affect travel. Chatwal adheres to a traditional model of profitability. “The New York market has gone down substantially,” he says. “We are extremely micro-managed and lean in our operations without sacrificing service. We see it on a day to day basis.” Hampshire has installed a sophisticated software system that tells management where to cut costs as rates or occupancies come down.
Chatwal takes every project individually. He stresses the importance of crisis management and adaptability in leaner times. The Time had signed up one of the top French Chefs in the world, Jean-Louis Palladin, for its restaurant, but Chatwal realized that Times Square wasn’t ready for a high-end French Bistro. So, he switched to a popular Italian chef. In the end a sense of vision and artistry has to be tempered with the realities of business.
Chatwal will continue with his side projects. With Gotam Chopra, son of Deepak Chopra, he has started a film production company that he calls just a hobby. He also hopes to continue with other creative outlets like acting and writing. But what’s clear is that, despite being written up in fashion magazines and posing with the toast of the celebrity circuit, Chatwal is still part of a tradition of Indian business entrepreneurs in hotels, restaurants, and so on. “In the corporate world you have to be more politically correct with you actions,” he says. “In the business world you’re a hustler.” He admits that what you do for money is not always what drives you in life. But Chatwal is without question a hustler, with style. His next project will be “a combination of traditional and modern.”
si
