CREATING AESTHETIC ENVIRONMENTS THROUGH LEASING:

AS AN ART COLLECTOR, Jason Rubell is always in motion, looking for the latest piece, meeting with up-and-coming artists in far-flung locales from Europe to Africa to South America as well as here stateside, staying just ahead of the ‘creative edge’. As a hotel financier, Rubell is also out in front, opting for leasing versus more traditional means of finance.

“It’s quicker to lease than it is to get traditional financing, from an accounting point of view,” says Rubell. “The advantages of leasing to just purchasing are basically to be able to expense it faster,” he says.

If anyone knows this much, it’s Rubell – baron of a Miami boutique-hotel mini-empire, and perhaps the world’s foremost contemporary art aficionado. His recent family lineage dates back to famed Manhattan Studio 54’s late co-owner Steve Rubell (Jason’s uncle). And with father Don, mother Mera and sister Jennifer all in the business of real-estate, art collections and “low-key luxury” hotels, Jason Rubell comes from a family of success, with a history of establishing traditions, rather than following them.

MAKING THE PROCESS HAPPEN

Recently expanding the Rubell hotel portfolio northward, Jason, Jennifer and Mera presided over a rather peculiar project: how to take a quintessentially American franchised hotel (Best Western) in a most American location (within close view of the U.S. Capitol Building) and put a bit of boutique magic into it – while still retaining the original concept.

But the main challenge they faced? “Basically time,” says Jason, “Time just to do it as expeditiously as possible. I can’t think of anything very complicated. The nice thing is, GCR Capital got familiar with who we were and what our need was and figured out how to make it happen,” he says. “Going the leasing route was a faster way to expedite the improvements that we made, especially in that property,” he says.

Similar to their approach in Miami, the Rubell’s had selected a property amidst real urban decay: homeless shelters, abandoned buildings, graffiti and police cruise-bys. And in the innards of the inner-city, through aesthetics – they imbued new life.

At their Miami hotels, Jason promotes a sort of “low-key luxury” with Polo Ralph Lauren-trained decorator Scott Sanders and nationally acclaimed chef Sheila Lukins (Parade magazine’s food editor) contributing to the look and feel of a guest’s experience. Did these influences carry through in designing the look and feel of the Best Western Capitol Skyline in Washington, D.C.?

“That [Capitol Skyline] probably is a little bit different – because that’s sort of outside of what we do down in Florida, which is more boutique-oriented. The property in D.C. was done for the Best Western, so it’s a little more classical, but even so, has a unique point of view and a little bit of a different feeling than you would normally feel in a Best Western,” says Jason.

“The theme that we went for there was just much more a feeling of D.C. – not that kind of typical colonial-Williamsburg feeling that you get up there, but something a little more refined, a little more, I’d say, a little more – what’s the word I’m looking for? I would say a little less chain-like. Put it that way.”

The result of their refurbishing and renovation efforts are now arguably the largest work of contemporary art in D.C., that is: the 203-room Best Western Capitol Skyline Hotel itself. The rectangular, monolithic ’60s landmark described by one writer as a “space-age honeycomb” on the outside, now has an interior reminiscent of scenes from Spielberg’s visually appetizing, dessert-colored “Catch Me If You Can” with Tom Hanks and Leo DiCaprio – and, while still very affordable to a broad public, is emphatically the best of the Best Westerns.

Did Jason’s artistic sensibility come into play in making financial decisions? “Oh, it always comes into play!” he laughs. “The leasing was for anything from televisions to actual furniture, to air conditioning and heating. It kind of ran the gamut.”

After this experience, Jason would again lease through GCR Capital over traditional financing. “Yes,” Jason agrees, “As properties go through their natural design cycles, they need to be updated with new accessories. It makes sense. It’s a faster way to go through the process,” he says.

ART MAY BE ABSTRACT – LEASING IS PERSONAL

Vital in that process is someone who knows the leasing business and who cares about yours. “Sometimes when you lease, it’s not as personal. John [Grant, of GCR Captial] was very attentive and on the case. A lot of times, it’s just a little abstract in terms of who you are actually dealing with. Here, he was just on the case – so that was one factor. John was quite attentive and on top of it.”

Is leasing right for anyone? “If you do feel like your property needs an upgrading,” says Jason, “then it’s a very viable alternative to conventional financing. And it’s accessible and it’s out there.”

Jason specifically recommends that others seek out GCR Capital, and that he would go to GCR Capital for his own future leasing needs. “I definitely would,” emphasizes Jason. “We knew where we wanted to go – it was just a matter of putting the lease together. My experience with GCR Capital was very positive.”

CONTACT INFORMATION:
Jason Rubell, Co-owner
Rubell Hotels
(305) 913-1040
http://www.rubellhotels.com
info@rubellhotels.com