If you’re a Canadian, a hospitality industry devotee, a design enthusiast, or an admirer of visionary philanthropy, the Fogo Island Inn is one place you may have heard of. It is a luxurious hotel located on an island in the North Atlantic Ocean, off the coast of Newfoundland and Labrador, Canada. However, do you know who owns this world-famous inn? Keep on reading to learn all about it.
Background of the Fogo Island Inn
The Fogo Island Inn is located on Fogo Island, which is the largest of the offshore islands in Newfoundland and Labrador, Canada. The island is known for its rugged coastline, fishing villages, and strong fishing heritage. However, despite its natural and cultural appeal, Fogo Island had been facing numerous challenges as it struggled to keep up with the pace of modernization.
But that all started to change in 2006, when a successful Canadian entrepreneur named Zita Cobb returned to Fogo Island and set up the Shorefast Foundation, a registered charity that aims to bring economic, cultural, and social resilience to the island. Cobb felt passionately that this remote island with such a strong sense of community deserved to have new life breathed into it, and the Foundation sought to achieve this by supporting initiatives related to the island’s arts, culture, and heritage.
One of their flagship projects was the development of the Fogo Island Inn – a modern and upscale take on a traditional Newfoundland fishing lodge. The inn and it’s restaurants quickly became known for their high-end design and architecture, stunning location, and incredible meals made from locally sourced ingredients. And what is perhaps even more impressive is that the income from the inn is funnelled back into the foundation’s social and cultural initiatives, in addition to sustaining the operations of the hotel itself.
The Owners of the Fogo Island Inn
The Fogo Island Inn is owned and operated by the Shorefast Foundation, the charitable organization founded by Zita Cobb in 2006. Technically speaking, the charity owns the buildings, land, and other assets used to run the inn.
While the majority of charitable organizations might choose less risky ways to raise funds, the Foundation and the Fogo Island Inn have become unique examples of how altruism and entrepreneurship can work together. The Foundation owns shares in the hotel and collects revenue from the inn’s operations, alongside rent from the retail spaces and studios located on its premises. It may sound like a strange business model, but the Shorefast Foundation’s approach to hospitality and entrepreneurship has managed to earn enough revenue to support the Foundation’s social initiatives, like the provision of micro-loans to local entrepreneurs, art-based youth programs, and scholarships for post-secondary students from the island.
The Philosophy of the Owners
Zita Cobb’s philosophy for the Foundation and the inn has always centred around finding ways for Fogo Island to benefit from its resources without destroying what it is that makes the island so special. Shorefast prohibits selling the island’s assets, buying imported goods, or commercializing its natural resources. Instead, this has encouraged the inhabitants to develop their own business ideas, and the result has been a measure of self-sufficiency and pride in their unique culture.
The Fogo Island Inn is not an isolated example of this unconventional approach to entrepreneurship in the hospitality industry. It is part of a broader trend for hospitality as a force for positive change. In their view, they believe that hospitality can be responsible in the true sense of the term – hospitality that encompasses consideration of the people, environment, and cultures in the area where the offering resides.
Conclusion
So, as you can see, the Fogo Island Inn is owned by the Shorefast Foundation, a registered Canadian charity founded by visionary entrepreneur and Fogo Island native, Zita Cobb. This unique approach to charity entrepreneurship has been widely commended and acknowledged as a model for sustainable, community-minded business practices in the hospitality industry. This small Newfoundland-Irish island is now a beacon of hope, attracting tourists and visionaries who come to see how a small community that was facing a gloomy future turned its fortunes around.
FAQ
What company did Zita Cobb work for?
Zita Cobb worked for Ottawa-based JDS Fitel for ten years, starting in 1984. She held several positions within the company and eventually rose to the position of CFO. JDS Fitel was a renowned technology and telecommunications company that specialized in developing and manufacturing optical products such as lasers and optical amplifiers.
In 1999, the company merged with another U.S. company, Uniphase Corporation, to become JDS Uniphase. The merger positioned JDS Uniphase as a global leader in the fiber-optic industry with over 100 locations worldwide and almost 30,000 employees.
During her tenure at JDS Fitel/JDS Uniphase, Cobb made significant contributions to the company’s growth and success. She played a central role in the company’s expansion from a small Canadian business to a global industry giant.
In 2001, Zita Cobb exercised stock options worth US$69 million and left JDS Uniphase to embark on a four-year sailing adventure with her brother. After their sailing expedition, they returned to their home province of Newfoundland and established the Shorefast Foundation in 2003.
Zita Cobb worked at JDS Fitel for ten years and became the CFO before the company merged with Uniphase to become JDS Uniphase. Cobb played a significant role in the company’s success and growth, contributing to its emergence as a global industry giant.
Why did Zita Cobb leave her CFO job?
Zita Cobb, a successful chief financial officer (CFO) for a tech company, decided to leave her job and take a new path in community development work. Many people wondered why she left such a high-paying and respected career, but her answer was simple: she needed to slow down and work at the pace of trust.
Cobb’s background in technology taught her that speed was everything. In the fast-paced world of technology and finance, quick decision-making and taking risks is essential. But when Zita Cobb left the tech world to work in community development, she quickly learned that the pace of life was much slower.
Communities, she realized, operate at a human speed, taking the time to build trust and relationships before making decisions. This was a stark contrast to her previous work life, where she was used to moving at lightning-fast speeds.
As a result, Cobb recognized that in order to be successful in her new line of work, she needed to adjust her mindset and work at the pace of the community. By slowing down and taking the time to build trust and relationships with the people she was helping, she was able to make a positive impact on the community.
Zita Cobb left her high-paying CFO job to pursue community development work because she recognized the importance of working at the pace of trust. She knew that to make a real difference in the community, she needed to slow down and take the time to build strong relationships with those she was serving. Her decision to step away from the fast-paced world of technology and finance ultimately led her to a fulfilling and rewarding career in community development work.
How much did it cost to build the Fogo Island Inn?
The Fogo Island Inn, a stunning architectural masterpiece, is a $41 million building located in the remote region of northeastern Canada. The project was initiated by the Shorefast Foundation, a charity organization founded by a local resident of Fogo Island, Zita Cobb, who wanted to revive the area’s dwindling economy.
The total cost of the project includes the construction of the building, the purchase of the land, and the interior decoration of the rooms. The building is designed to be sustainable, with features such as rooftop solar panels, a massive rainwater harvest system, and geothermal heating and cooling.
The Inn boasts 29 guest rooms, each one offering a panoramic view of the wild Atlantic Ocean, and is decorated with locally sourced materials, including furniture and artwork. The Inn has a restaurant, spa, library, and cinema, providing guests with a luxurious and relaxing experience.
While $41 million may seem like a large sum of money, the Fogo Island Inn has become a highly successful project. It has garnered international recognition as an example of sustainable tourism and has proved to be a model for other remote communities looking to create long-term economic growth.
The Fogo Island Inn, with an impressive cost of $41 million, is an exceptional building that has demonstrated the power of sustainable architecture and tourism to revitalize remote regions. It has become a source of pride for the local community and a much-loved destination for tourists from around the world.
