Interview With the Expert
Fritz Satran, CEO, AESU Travel
Karim Rahemtulla, Editor, Beyond the Dollar
Recently, Editor of Beyond the Dollar, Karim Rahmetulla had the chance to not only sit down, but also travel with renowned travel and lifestyle expert Fritz Satran.
Born and raised in Vienna, Fritz founded AESU Travel in 1977 on the idea of increasing global understanding through travel. Over the years, Fritz and his staff have conducted high-end tours to Europe for many prestigious groups and universities, including the Johns Hopkins University trustees, the Baltimore Opera and The Oxford Club (a friend of Beyond the Dollar).
Driven by a belief in the idea of travel with a purpose, Fritz specializes in creating unique and flawlessly executed travel experiences.
Karim: Fritz, you've lived overseas and traveled for decades. Recently I accompanied you on an excellent trip to South Africa. We spoke at length about your time spent in Greece. You have a unique perspective, living in Maryland today, about the challenges and benefits of living abroad. Can you share some of those with us?
Fritz: Living abroad for periods of time lets you experience life from a totally different perspective. All you need to do is stick around one place long enough to become part of a new way of life. Learn the language and the local customs. The result: You live twice! The challenge is it takes time, effort and focus to grow roots somewhere new. If you ever thought of having a “Plan B,” establishing a second place to live in another part of the world would be a good start. Do it, and it will change your life!
Karim: As the owner of a major travel agency, you have to constantly deal with currency fluctuations that can result in transactions measured in the hundreds of thousands of dollars, euros and pounds. What types of instruments do you use to manage risk?
Fritz: Predicting the economic and political future is surely a challenge! This is especially true in a world dominated by algorithms, computers and people depending on their smartphones for real-time information. Forward contracts to lock in favorable exchange rates are helpful but, more than anything else, 40 years of experience in dealing with a particular type of business, human intuition, and good old gut feelings make all the difference! Oh yes, and let’s not forget luck!
Karim: In our conversations, your favorite observation seems to be “rent, don't buy” when looking abroad. Can you explain your thinking?
Fritz: I could write a book about what it means to buy in a foreign country. Just a few considerations: learning the languages and educating yourself about local laws, rules and regulations, customs, etc. The list is long. In short, it’s like this: When you put your money into foreign property, you are a stranger, a target and a challenge to the locals – some sort of enemy! If you rent, people will see you as a customer who brings money and opportunity. They will want to be your friend!
Karim: You've stayed at some of the best hotels in the world and eaten at some of the highest-rated restaurants. Which ones stand out to you the most?
Fritz: This is a tough question. So many places... so little time. Here are a few of my favorite hotels in the world:
- Hotel Bristol – Vienna, Austria
- Hotel Hassler Roma – Rome, Italy
- Gritti Palace – Venice, Italy
- Punta Tragara – Capri, Italy
- Ritz-Carlton – Shanghai, China
- Carneros Inn – Napa Valley, United States
- Les Trois Rois – Basel, Switzerland
- Grande Bretagne – Athens, Greece
- Perivolas – Santorini, Greece
- Amanjena – Marrakech, Morocco
- Hôtel Le Cep – Beaune, France.
And a few of my favorite restaurants as well:
- Yauatcha – London, England
- Hakkasan Mayfair – London, England
- Scott’s – London, England
- Fabios – Vienna, Austria
- Plachutta Wollzeile – Vienna, Austria
- Bittermann Vinarium – Göttlesbrunn, Austria
- Trattoria Sostanza – Florence, Italy
- Zum Schwarzen Kameel – Vienna, Austria
- Le Jules Verne, Eiffel Tower – Paris, France
- Restaurant Marée – Vaduz, Liechtenstein
- Harry Cipriani – New York City, United States.
Karim: You have arranged exclusive trips for The Oxford Club for almost three decades. Who do you think is best suited to take these awesome adventures with you? Are there limitations?
Fritz: Anyone who feels the “lust for life” and who loves to travel and share the experience with like-minded people, while doing it in a very civilized style, should not miss any of these wonderful travel opportunities. Dreams have no limitations!
Karim: The world is becoming smaller. It's hard to tell the difference between some places even after an eight-hour flight. If you were to choose a part of the world that you would consider moving to, where the cost of living is lower while the standard of living is higher than in the United States, where would that be?
Fritz: Two places come to mind here. One would be Austria, a small Alpine paradise in the heart of Europe. It has a population of 8 million, minimal poverty, little crime, and excellent public services and infrastructure. Mountains, lakes, friendly people, a cuisine to fall in love with... schnitzel... For eight years in a row, Vienna has been rated as the city with the highest standard of living in the world!
Another option would be Poros island in Greece. This is village life at its best. Find yourself surrounded by olive trees, the blue Mediterranean Sea, great food, a lovely climate and friendly people... if you’re renting! A blissful lifestyle of “dolce far niente” (pleasant idleness). This could be your “Plan B.”
Karim: You've witnessed the decline of living standards in the United States as the dollar has declined in value over the years. What advice would you give, as a purveyor of leisure, to the readers of Beyond the Dollar? Would you recommend spending dollars today on travel and leisure abroad, or do you think things are going to be an even better value in the years ahead?
Fritz: Will things be better in the future? Things are the best right now! “Now” is the only reality we have. If you have dollars to spend, go enjoy the world, be generous with yourself and others, and celebrate life by making your dreams come true! Think of my favorite poem by William Blake:
“He who binds to himself a Joy
Does the wingéd life destroy;
But he who kisses the Joy as it flies
Lives in Eternity’s sunrise.”