Quotes of the Day

It requires a special mix of vision and audacity to build a luxury hotel in a run-down neighborhood during a crippling economic crisis, and to call it not just a hotel but also a "universe." Yet that is precisely what Argentine fashion magnate Alan Faena did when he bought an abandoned warehouse in Buenos Aires' Puerto Madero district, convinced Philippe Starck to design the interior and, in 2005, opened the 10-meter-high doors of the Faena Hotel and Universe, tel: (54-11) 4010 9000. Impressively, he makes good on his out-of-the-world claim with lush red velvet interiors, spacious rooms (from around $330), an award-winning cabaret, a wonderfully indulgent spa, two terrific restaurants and a welcoming bar. Almost any request, from tango lessons to football tickets, can be handled by the lovely "experience managers" guests are assigned upon check-in, which takes place not at a reception desk (there is none) but in a soothing, modish hall that sets the tone for one's stay.

Faena isn't done, however. He recently announced plans for the Aleph. Prompted by the imminent 200th anniversary of the 1810 May Revolution, which led to Argentina's independence from Spain, this Norman Foster-designed, 125,000-sq-m residential and commercial complex is visualized as an epoch-defining landmark. Both the hotel and the Aleph are in turn envisaged as part of a fully fledged art district that attempts to revive Buenos Aires' early 20th century belle epoque. A grand endeavor indeed, but Faena has already shown that he can create something special where others might see folly.

• Phil ZabriskIe