See youThere is a slight better since May

The French pattern of Mandarin Oriental, a publicly traded conglomerate Jardine Matheson Hong Kong Branch (73.3 of the capital), believes that "the crisis will last."Luxury hotel group he leads for eleven years operates 23 hotels in the world, into account 18 developing and recorded 1.02 billion in revenues in 2008. Edouard Ettedgui, which then gives his first interview in the French press since his arrival to the commands in the group, expects a consolidation of the sector. He considers that "all scenarios" are "possible".The Chinese group is particularly interested in Europe, specific e-t-il.

Top range hotel was particularly affected by the crisis. Some commentators now suggest signs of economic recovery. See you

There is a slight better since May. But the impact of the crisis on the tourism industry has been very significant: 20 to 25 of the turnover disappeared almost day to the next. We have ourselves been affected. So far, we have managed - which is rare in the sector in the light of the results of the operators listed - to make a profit in the first half, including excluding exceptional items ( 1.1 million of $ 36.1 million a year ago, Editor's note). Our resistance is explained by a very good cost management and a strong competitive position. Told as often as in times of crisis strong brands reinforcing, so that those more marginal weaken. Remember also that luxury hotels usually have a small capacity and that their customer is more leisure that business, which allows less suffer from conditions. According to my colleagues, Parisian place has of also well withstood. However, I am not in the camp of the optimists. I think that the crisis will last because we are in a crisis of solvency of individuals, companies and countries. Even if I hope to be wrong, it will take, in my view, the time to clear it. There is, moreover, another threat to not neglect: influenza A.

Does this mean that you expect a consolidation in the luxury hotel

It is certain, there will be winners and losers. If the recovery is expected, number of players will have to sell assets at a reasonable price. There will be opportunities, especially in the old Europe, which we very interested, and our solid financial position - with $ 2 billion of assets for 120 million of net debt - allows us to consider. We also have contacts in Europe, but the prices are not reasonable. If the crisis lasts, I believe that all scenarios are possible: trademarks that buying up marks, it is the concept of LVMH in the luxury industry. even marks or groups who disappear. It is when even paradoxically a positive element in this crisis, it is that there is more hotel projects, funding. However, the main risk for an industry like ours, is overcapacity. You are about to open facilities in Barcelona and Marrakech to Las Vegas.

You get also the arrival of Mandarin Oriental rue Saint-Honoré in Paris, early 2011. A believe that the crisis has not slowed your expansion

Indeed, we have 18 projects in progress, but we are investors in one of these projects, Paris. I want to clarify that 13 of them turn normally. For the other five only, mainly in the US, funding is not finalized. More generally, our economic model is to be not only operator but also investor, everywhere where any luxury brand is built, in 10 to 15 international capitals, as, of course, London, New York, Paris, Milan, especially, but also, Beijing and Shanghai.

Some operators have made the choice in recent years the 4001(a) or far less detention of assets. What do you think

This model of North American origin is in my eyes, a risk in the luxury hotel, because the absence of total control over the walls likely to affect the brand and its development. I am not from the hotel originally but I observed over time, that innovation in the sector is always operators owners. We have ourselves experienced it, especially in London, where we have introduced a new concept of Spa and bar with our hotel. If we had not been owner we would could not do that, at the time, could seem daring and has now become the standard. Innovation is not only technology. For me, luxury hotel is an assay balanced between tradition, quality and innovation.

A word on Paris. Luxury hotel projects are are multiplied in recent years. Is there not a future risk of over-capacity

I don't know if one can speak of overcapacity. However, what I am sure, is that there are six palaces at Paris, and in there is not 10. This means that some of them may no longer be in the future or those who claim that status will not become. There is however room for other top hotels of range, with average prices per room below 150 euros at least with those charged by the palaces. What we want we in Paris, is create a legendary institution, not an Asian hotel, i.e. a hotel that is a reflection of what is best in the city and whose excellence is confirmed in time. Our hotel of Bangkok 100 years of Hong Kong's 60. Besides this, the question of the 5th star is incidental.