Transcript: John Fitzpatrick Is Seeing Green

This is a partial transcript from "Your World with Neil Cavuto," March 18, 2005, that was edited for clarity.

NEIL CAVUTO, HOST: If Ireland's economy is booming over there, why are so many of its business leaders over here? Let's ask one of them, because he he's been a busy fellow lately.

Joining me now is John Fitzpatrick. He's the owner of the acclaimed Fitzpatrick Hotels in New York and Chicago. John had breakfast with President Bush earlier this week.

Good to you have.


CAVUTO: You know, this particular week when we focus on the Irish and yesterday was St. Patty's Day and all that stuff. If the economy is booming so much over there, what has so many of you over here?

FITZPATRICK: Well, I think the situation here is, first of all, the dollar. The dollar is very weak at the moment and there's a lot of money now in Ireland. And they're trying to look at other marketplaces. And there's always been this great relationship between America and Ireland. And I think this is one of the reasons.

CAVUTO: So things are more affordable here. You get a lot more bang for your euro?

FITZPATRICK: Absolutely. I mean, you're talking about 20 percent or 25 percent better than it was a few years ago

CAVUTO: So what you are buying?

FITZPATRICK: Well, I'm not buying. I'm just hoping to keep going strong here. But a lot of investors and a lot of Irish people are trying to invest in the United States.

And being in an Irish hotel and being recognized, a lot of the Irish investors, one of their weaknesses are, one of their fears of coming over here is it's 2,000 miles away. We know our Irish market. We want to be in the U.S., but we're a bit nervous of it. So looking at what our name...

CAVUTO: So they tend to do things in partnerships, right?

FITZPATRICK: Absolutely.

CAVUTO: Right.

FITZPATRICK: It's usually mainly one person representing a group of investors or whatever. And it's just in the last six months been amazing. And one of the reasons, one of the investor groups did say to me is, "We want New York, but we know it's very tough. But with your name, Fitzpatrick, we feel we can touch it."


FITZPATRICK: We know who you are; you're Irish.

CAVUTO: You're one of us.

FITZPATRICK: You're one of us.

CAVUTO: John, let me ask you something. Why do so many who become very successful, like yourself and others, do they leave Ireland? Of course, you haven't left, per se. But they leave Ireland, even with the booming economy and the booming opportunities there?

FITZPATRICK: You know, I think it is the Irish, again, just have a great relationship or feeling for the Americans. But it's the American dream. I think a lot of people always wanted to come over.

Because one thing about Ireland, up until recently, was that you could always do well in Ireland, but it was only a certain level you could get to. And whereas, the states it's such a huge population. And you know, it was tougher to break the market, but once you broke it, there was an endless to get there.

CAVUTO: Meanwhile, the hotel industry looks strong here still?


CAVUTO: Thank God.


CAVUTO: All right. John Fitzpatrick, thank you very much. Fitzpatrick Hotels. All the reviewers love his hotels. I don't know what he does, but they all love them.

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