How Airbnb Took Over The Caribbean

THE STAR BUSINESSWEEK OCTOBER 26, 2019

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IN THIS EDITION OF

HOW AIRBNB TOOK OVER THE CARIBBEAN The Caribbean is in the midst of a battle for accommodation dollars. Hotel prices in the region have been rising steadily, putting them out of reach for some travellers. Enter Airbnb, which has been only too happy to fill the gap, forcing governments and tourism stakeholders to embrace the new reality of the shared economy and what that means for the Caribbean’s biggest industry.

BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT Continued on page 4

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High fliers – the Caribbean’s private jet sector continues to soar

When high net worth individuals travel, they travel in style. Private jets are the transport of choice for the world’s wealthy and these super rich flyers are jetting into the Caribbean in droves – providing a boost not only to the tourism sector, but also the aviation market.

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PPPs and Funding Maritime Infrastructure

Emerald Hill Villa, Marigot Bay, Saint Lucia

In Saint Lucia and around the region there are a number of major infrastructure projects either earmarked or already underway.

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THE PUBLIC ROI ON MINIMUM REVENUE GUARANTEES

BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

Are MRGs really benefitting stakeholders on the ground? (Source: Pixabay)

A

ny airline passenger in the Caribbean will typically grieve over the cost of a plane ticket.

The regional airline industry is beset with red tape and regulation, with lots of costs passed on to the passengers. But there’s another angle in this calculation: the relationship between governments and the airline industry surrounding Minimum Revenue Guarantees (MRGs).

An understanding of MRGs is essential to comprehending the dynamics of the regional airline industry where opportunities exist for an optimisation in business that’s a win-win for all, and where existing bad deals need to be reappraised.

Recognising where stakeholders can go from here, first requires an appreciation of where we are now.

MINIMUM REVENUE GUARANTEES EXPLAINED At their simplest, MRGs promise an airline that any shortfall in its minimum profit will be made up. So, if an airline expects to make a minimum amount of dollars in a certain period but falls short of its target, another party (such as a government in the host destination) will step in to bridge the divide.

Advocates argue that the volatility of the airline industry — where even prestige carriers can bounce from

soaring highs to crushing losses each quarter — means the expansion of a carrier into a new route requires the support of other stakeholders, especially those on the ground that are seeking to entice airlines and the tourists they carry.

THE LOCAL APPLICATION OF MRGS In the Caribbean, MRGs are an especially important calculus, owing to the nature of the region’s economy and geography.

Any city or region with an airport in close proximity can offer an enticing proposition to tourists: soon after they land they’ll be swimming in the water or relaxing on a sun lounger. Destinations with long commutes from the airport can’t offer the same.

Then there is the reality of competition.

With over 7,000 islands in the region, there’s no shortage of competition for the tourist dollar. Obviously, far less than 7,000 locales can actually sustain an airport but communities that do, can wield a decisive advantage over those that don’t.

This entices governments to agree to new MRGs, and to continue existing ones.

Although a perpetual debate rages in the region surrounding whether Bermuda is indeed a Caribbean nation, undoubtedly the island’s experience in recent years provides a snapshot into the complicated and frustrating dealings a nation can Continued on page 6

AVIATION & TOURISM

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OCTOBER 26, 2019

HIGH FLIERS – THE CARIBBEAN’S PRIVATE JET SECTOR CONTINUES TO SOAR

BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT

W

hen high net worth individuals travel, they travel in style.

Private jets are the transport of choice for the world’s wealthy and these super rich flyers are jetting into the Caribbean in droves — providing a boost not only to the tourism sector, but also the aviation market.

FLYING IN According to analyst firm Knight Frank, author of the annual Wealth Report, several of the most popular island locations for private jets are in the Caribbean. The Bahamas came out on top in the group’s 2018 survey of island destinations, welcoming almost 16,500 private jet arrivals that year.

Another popular choice was Barbados which saw a 35 per cent increase in arrivals from 2017 to 2018 to reach a total of 1,190. By contrast, 395 private jets flew into Saint Lucia last year.

Most private flights into the Caribbean originate in the US, which is unsurprising given its proximity and wealth. North America has more than five times the number of private jet registrations than the next highest region (Europe), according to the Wealth Report 2018.

Global private jet charter firm PrivateFly services several Caribbean destinations and says its most popular are St Maarten, Puerto Rico and the Bahamas. Other hotspots in the region include St Kitts and Nevis, Barbados and the Dominican Republic. A oneway trip from Miami to St Maarten can cost around US$20,000 with a PrivateFly jet and from New York to St Maarten up to US$35,000.

DISRUPTORS But you don’t have to be a movie star or a banking magnate to afford your own private jet. In recent years, smaller charter operators have entered the market, driving down prices and making a private flight within reach of middle class travellers.

Tech disruptors have also taken to the skies, launching crowdfunding and Uber-esque apps to spread the cost of flying privately. USbased app Blade allows users to charter a flight and crowdsource the remaining seats. If they are not filled, Blade will sell the unused seats through the app and credit the user’s account with tokens that can be used for future flights.

PrivateFly CEO Adam Twidell (Photo courtesy PrivateFly)

The 15 current most popular private jet destinations for the ultra-wealthy, listed by number of arrivals: 15. Crete; T14. Barbados, T14. Malta; 12. Sint Maarten; 11. Philippines; 10. Mykonos; 9. US Virgin Islands; 8. Corsica; T7. Sicily, T7. Cayman Islands; 5. San Juan, Puerto Rico; 4. Sardinia; 3. Ibiza; 2. Mallorca; 1. The Bahamas

And there’s a host of other apps, such as Blackbird, which allows would-be private jet passengers to search for spare seats on charter flights, ensuring they can scoop up tickets for a fraction of the price and with no hidden fees or charges. US-based Victor, whose Caribbean destinations include the Bahamas, St Maarten, Antigua and Barbuda and Saint Lucia, offers Empty Leg flight alerts which can save passengers up to 75 per cent off the standard price of a one-way fare.

As the sector opens up and becomes more accessible, private jets are less about luxury and more about convenience. With ever-escalating security protocols at airports, delays and queues, passengers are simply looking for an easier and more convenient way to get from point A to point B. PrivateFly CEO Adam Twidell says: “Usually clients choose private jet charter for the convenience; a lot of islands have smaller airports that

commercial airlines don’t service — or require several stops. So while it may seem like a purely luxury-minded rationale, private jet charter also is often driven by the value of time.”

TOURISM TAKE-OFF In the Caribbean, travelling by private jet is the perfect, stress-free way to sightsee.

According to a 2019 PrivateFly poll, two of the top ten most scenic airports in the world are in the Caribbean: Saba and St Maarten. Gliding onto these destinations’ runways may be a bucket list item, but the Caribbean as a whole is prized by pilots for its stunning views. The turquoise seas, scattered white sand islands and year-round perfect weather are the ultimate draw for charter passengers.

Twidell says: “The Caribbean is always a strong destination year-round for private jet clients. The region is particularly appealing in the winter months as an escape from the cold — which coincides

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with the main yachting season for the region. A lot of our clients tend to book multi-island trips via yacht charter.”

Private charters are a boon to the region’s tourism product, not least because they further the image of the islands as an ultra-glamorous vacation destination. Whether hopping on a private flight to board a luxury yacht, or flying into a secluded tropical resort, high net worth tourists are good for business and good for the brand.

“Private jet charter allows clients the ease and flexibility of accessing the smaller islands that are often harder to reach by airline. Also, if an island or resort is positioning itself as an ultra-luxury destination, the mode of transportation also factors into the overall perception,” says

Most private flights into the Caribbean originate in the US, which is unsurprising given its proximity and wealth. North America has more than five times the number of private jet registrations than the next highest region (Europe), according to the Wealth Report 2018

Twidell. “There’s also a huge amount of opportunity for the Caribbean to expand its tourism base to the ultra high net worth set. We see a lot of consistent growth in demand for the Caribbean so, as the islands continue to develop, we expect to see even more.”

But if destinations are to reap the rewards of these high-flying travellers, certain standards must be met. The islands capitalising on the private jet market are those with enough infrastructure and capacity to satisfy demand. Twidell says: “Often it’s the well-established islands with good infrastructure and well-known luxury resorts that get a lot of the private jet traffic. So, to encourage the market to visit, investing in the infrastructure is a basis on which to launch a marketing push to draw people’s attention to the island.

“Also, a lot of islands are restrictive just by nature of the length of runway or hours of operation. For example, we receive a lot of last-minute requests for private jet charter, often at odd hours, so, operationally, there are a few SBW areas where flexibility is key.”

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AIRBNB / HOSPITALITY

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HOW AIRBNB TOOK OVER THE CARIBBEAN Continued from page 1

HOTELS IN DANGER Hotel occupancy across the Caribbean has been in steady decline, according to hospitality research firm STR. In its most recent report, STR noted occupancy rates of 62.5 per cent in August, a 5.6 per cent drop from August 2018. For the year so far, STR recorded a 2.6 per cent decline to 67.5 per cent in its survey of almost 2,000 hotels across the region.

There are many reasons for this dip, and overall the sector remains healthy, but there is one factor that is having an undeniable impact: tourists tightening their belts and rejecting the soaring prices of hotel rooms for cheaper and more homely options.

The Airbnb model of inviting guests to stay in private homes has obvious appeal.

Aside from the inviting price point, the platform is extremely flexible, offering a range of properties in different locations.

Want to share a house with locals? No problem. Prefer a cosy villa all to yourself?

That’s available. By browsing an easy, intuitive interface, travellers can find exactly what they are looking for with just a few clicks.

Airbnb has enjoyed explosive growth since it emerged in 2008. Selling off some shares in March this year, the homesharing giant put its approximate value at around US$35 billion and is reported to have made more than US$1 billion in revenue in the second quarter of 2019.

There are now more than 7 million Airbnb listings worldwide, in some 100,000 cities and 190 countries. On any given night, an average of 2 million people are booking into an Airbnb somewhere in the world.

And many of them are vacationing in the Caribbean.

From Puerto Rico to the Bahamas, Airbnb has a strong and established presence in the Caribbean. This spring, St Thomas in the US Virgin Islands became one of the company’s fastest growing destinations with a 338 per cent rise in bookings from 2018. The top ten Caribbean Airbnb destinations in 2018 included the US Virgin Islands, Puerto Rico and the Cayman Islands in the top three spots. Grenada, Jamaica and Martinique also made the list, while Saint Lucia just squeaked in, at number ten.

CARIBBEAN BACKLASH More Airbnbs mean more tourists to the islands, but not every destination in the Caribbean has welcomed the home rental chain. For as long as there’s been Caribbean tourism, island governments have enjoyed mutually profitable relationships with big brand hotels and resorts. To some extent, this cosy co-existence is predicated on hotels maintaining their dominance.

Airbnb not only threatens the market monopoly, it also hits governments where it hurts — their tax revenue. When it first appeared, the rental platform slipped under the radar, allowing citizens to generate

Airbnb hosts greet guests (Photo courtesy Airbnb)

The Airbnb app allows users to browse accommodation as they travel (Photo courtesy Airbnb)

income from the hospitality sector without paying the usual occupancy taxes. As the model grew, it became evident that Airbnb was not the flash in the pan that many stakeholders hoped, but rather a new normal.

Now the company has signed numerous agreements with governments across the region including Jamaica, the US Virgin Islands, Antigua and Barbuda and, most recently, Martinique.

These Memorandums of Understanding are primarily a means of collecting tax revenues but also encompass joint initiatives for community-based experiences and collaborative marketing efforts.

In its most recent report, STR noted occupancy rates of 62.5 per cent in August, a 5.6 per cent drop from August 2018

Signing the region’s first Airbnb MoU in 2017, the Governor of the US Virgin Islands, Kenneth Mapp, said: “This is good for our government because it streamlines the collection process and enables more of our residents to participate in the visitor industry. Our hospitality sector will also greatly benefit from the promotional reach of this multi-billion dollar organisation.”

Although Saint Lucia has no formal agreement with Airbnb yet, the prime minister has indicated that it is coming, as the country’s tourism industry looks to “re-pivot”, and added: “Tourism destinations all around the world, including some right here in the Caribbean, have identified the sharing economy as missed revenue opportunities and are working with the technology facilitators, like Airbnb, to capture this sector’s fair share of taxation. We are pursuing our own agreement with Airbnb so that those who benefit from the sharing economy contribute to the development of our tourism product.”

WHAT’S NEXT? Airbnb has come a long way from its roots as a gutsy start-up. With the company’s value nearing US$40 billion,

it has surpassed some of the biggest names in Caribbean hospitality, such as Sandals Resorts and the Hilton group.

Last month the company announced plans to go public in 2020 in one of the most hotly anticipated IPOs in the digital era. As it continues to amass profits, influence and market share, Airbnb is moving away from its entrepreneurial ethos to becoming just another hospitality behemoth. Earlier this year the company further blurred the lines between its low-cost shared rental model and the standard hotel fare by announcing a ‘hotel-style’ offering in New York. Teaming up with US developer RXR Realty, the group will convert commercial properties in the Rockefeller Center into apartment-hotel accommodation to give guests ‘the features of a luxury hotel with all the comforts of home’.

Not content with edging into the hotel space, Airbnb has also indicated its desire to become a one-stop shop for travellers, offering transportation options alongside accommodation.

While the company has so far remained tight-lipped on plans to partner with transportation providers, it has been working on becoming a full-service travel experience since 2016 and this year hired airline industry veteran Fred Reid to head up its transportation department.

Airbnb may be muscling in on tourism’s turf, but only time will tell how this will play out in the Caribbean where small island economies are heavily tied to the resort business model. Taking the optimistic view, Airbnb will put more tourism revenue directly into the hands of citizens (a typical Caribbean host can earn around US$3,900 a year according to the Caribbean Tourism Organisation), promote community-based tourism and generate experiences that give visitors a real insight into the islands. It will also force hotels to innovate as competition heats up.

On the other hand, there is a dark side to the rental platform. Banned in several cities around the world, Airbnb has raised concerns over mass tourism, reduced affordable housing and the safety of both hosts and guests.

One thing is certain — the rental platform isn’t going anywhere; and if island tourism industries are to keep their edge, they need to be flexible enough to encompass new disruptions.

In summarising Saint Lucia’s response to the Airbnb juggernaut, the prime minister commented: “This relatively new market segment is proving more lucrative than traditional accommodation since spend is on-island and touches a wider supply base of goods and services. This is not to say that we will be abandoning or minimising our effort to secure investment in new hotels or the expansion of existing properties, but we must cover all our bases in a changing market place.”

PUBLIC-PRIVATE PARTNERSHIPS

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OCTOBER 26, 2019

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PPPs AND FUNDING MARITIME INFRASTRUCTURE

BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

I

n Saint Lucia and around the region there are a number of major infrastructure projects either earmarked or already underway.

Nobody disputes the benefits such projects can bring, but how best to achieve them remains a contentious topic when it comes to factoring in the pros and cons of public and private partnerships to realise infrastructure goals. This is especially so for any new maritime infrastructure in the Caribbean, which must face up to huge challenges, existing and emerging.

SAILING INTO SAINT LUCIA Saint Lucia is a great case study in present success and future aspirations around maritime infrastructure. Following the expansion of the nation’s main port in Castries, the port saw an increase of 91,000 passengers, from 669,217 in 2017 to 760,306 in 2018. More recently, attention has turned to the plans for the port in Vieux Fort.

The announcement in January this year of an agreement in principle between the Chastanet government and Carnival Cruise Line for the construction of the port was welcomed by maritime workers in the nation’s south, an area that has suffered from a drop in activity around the port in recent years, including the 2016 rerouting of banana loading work to Castries.

Although all wish for the Vieux Fort project to achieve every success, Caribbean nations hold unique considerations in the space of public and private port partnerships. These necessarily inform the potential for such projects to truly be of mutual benefit.

THE CARIBBEAN CONSIDERATION Public and private infrastructure agreements in ports are typical of most similar partnerships. A government desires an upgrade of its public amenities and a private enterprise identifies a capacity for profit within it. But when it comes to such arrangements in the region, the devil really is in the detail surrounding the private stakeholders.

From year to year the Caribbean contends with the growing challenge of climate change and the seasonal risk of hurricanes. Both pose a threat to the future of the region’s tourism industry and require any future agreements to factor in the risk of a huge variable that can result from a natural disaster, as well as the lingering uncertainty surrounding national shorelines and adjoining amenities that are threatened by rising sea levels. Then there is the issue of who is left on the hook for payment in the event a project is stalled, collapses due to a breakdown in the partnership, or is damaged after completion by a severe weather event.

Is public-private building of infrastructure a good deal for all stakeholders? (Source: Pixabay)

WHICH PORT TO CALL HOME? Cruise lines can undoubtedly generate substantial capital to back up a project but many of them have a controversial record surrounding their respect of international law, most notably around environmental protection and personal injury claims, among others.

Any public and private partnership must necessarily come with a recognition of the international nature of finance and business. But if such a partnership comes at the expense of local and national goals surrounding sustainability and workers’ rights, real consideration must be given as to whether a project that is desirable today is ultimately necessary to pursue tomorrow as a public-only option, to guarantee the desired outcome.

Similarly, for cruise lines there are increasingly competing commercial considerations when it comes to partnering with local governments.

Given that numerous cruise lines now enjoy exclusive use of private islands and shorelines in the Caribbean, it must be weighed up whether partnering with a government in the building of (or improvements to existing) maritime infrastructure represents the best ROI, especially when contrasted with establishing a new tourist drawcard on a cruise line’s own island.

PUBLIC-TO-PUBLIC The opportunity for stronger public-topublic partnerships in this region should also be recognised. The £30 million agreement to fund the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF) between the Caribbean Development Bank (CDB) and the United Kingdom Department for International Development (DFID) represents a great example of this in action. With UKCIF’s founding mission to drive economic growth through vital infrastructure, the agreement signed in July 2018 guaranteed that all funds spent would be climatechange resilient. This ensured that money earmarked for reconstruction initiatives in Dominica and Barbuda would assist with

the task of immediate recovery from a natural disaster, while also building a stronger foundation in the fight against climate change’s impact on the nations.

In May 2019 Montserrat began construction on a port development in the British Overseas Territory’s Little Bay, with construction funded in partnership with the CDB and UKCIF. The need for construction was long overdue, with 2016 alone seeing 58 out of 457 ships surveyed denied entry to Montserrat due to rough seas. Completion of the project in 2022 is expected to deliver a substantial uptick in cruise liner traffic, as well as optimize access for yachts, ferries and other vessels. It will also deliver new cargo-handling equipment, and see a focus on institutional strengthening alongside the physical bricks and mortar building, with training opportunities set to enhance the future of personnel around the project.

FAILURE NOT AN OPTION For Caribbean nations confronting a future where a healthy tourism sector will be critical to a healthy economy, the capacity of government to define a long-term plan to the benefit of all must be weighed against private stakeholders

Cruise lines can undoubtedly generate substantial capital to back up a project but many of them have a controversial record surrounding their respect of international law, most notably around environmental protection and personal injury claims, among others.

who may think exclusively of ROI in the shortest possible time.

Nobody would wish to decry or deny the abundant opportunities for public and private partnerships in the region. It’s just also true, now more than ever, that failure is not an option with critical maritime infrastructure in new projects that underwrite the future of a nation’s tourism industry, and so many other vital commercial activities alongside.

UPDATE: Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) and Royal Caribbean Cruises Ltd. (RCL) announced on Wednesday the signing of a Memorandum of Understanding (MOU) with the Government of Saint Lucia to form a joint venture to manage the existing cruise pier and terminal facilities in Saint Lucia, and to design, construct and operate a new cruise port on the island.

As part of the MOU, Carnival Corporation and Royal Caribbean and the Government of Saint Lucia will establish a long-term concession agreement to formalize the terms and responsibilities for the joint venture to manage and operate the current cruise pier and terminal facilities at the Port of Castries. Additionally, the joint venture will design, finance, construct and operate a new cruise port in Vieux Fort on the southern part of the island that will be able to accommodate the latest and most innovative ships in the cruise industry.

Prime Minister of Saint Lucia Honorable Allen Chastanet has called the signing of the MOU “historic” and “a major step towards enhancing Saint Lucia’s tourism product”.

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THE PUBLIC ROI ON MINIMUM REVENUE GUARANTEES Continued from page 2

Minimum revenue guarantees are not inherent to the aviation industry but are seen more broadly in various public-private partnership arrangements. According to the IMF: PPPs create contingent liabilities. For example, these guarantees impose significant fiscal risks as governments often face unforeseen budget expenses to compensate their private partner, as in the case of the Barbados solid waste management facility that came with a minimum revenue guarantee equivalent to 5 per cent of GDP.

have with MRGs when partnerships hit turbulence. In November 2018 Bermuda’s tourism minister Zane DeSilva declared in the House of Assembly that airport operators Skyfoot should be paying the costs for MRGs to airlines, which can cost over US$2 million each year. DeSilva rallied against the idea taxpayers should be footing the bill for MRGs, proposing instead for a model where any stakeholder who had a vested interest in the sector should be a contributor to MRGs. This followed many years when Bermuda had prioritised a boost in public spending to support its tourism market, while also facing the extra expense of MRGs gone sour. Although DeSilva appeared to later soften his position on the issue, it struck a nerve with those questioning the real ROI for all stakeholders on MRGs.

WINNERS AND LOSERS St Vincent and the Grenadines committed to an MRG with Air Canada for flights into its new Argyle International Airport between November 2017 and July 2018. The nation reaped

the benefits of increased passengers and didn’t pay an MRG in this period due to the strong performance of the airline.

Yet the government paid US$1 million to support Caribbean Airlines due to its struggling New York to Argyle route.

Such deals, especially if they run for long durations, like 20 to 30 years — as is often seen beyond the airline industry in other fields with MRGs — are fraught with risk for all parties. An MRG may initially appear a good way to lure a carrier to your community but when a competing airport or route opens that changes the dynamic, suddenly the MRG guarantor could be footing a substantial bill for the airline’s drop in demand.

MRGs can also harm in ancillary ways. This reality played out in rapid fashion during 2012 in Columbia, Missouri. While local leaders were delighted to have lured American Airlines to the city with a US$3 million MRG, the knock-on effect was immediately clear as Delta announced it was pulling out of the market because it felt it was now at a competitive disadvantage.

FLIGHTS OF THE FUTURE With predictions that the rate of air travel will double on the current volume by the mid-2030s, there’s no doubt that demand for flights, and the demands of the airlines who provide

them, will increase. In this regard the relationship with MRGs is similar to the experience many governments have faced when it comes to the building and maintenance costs of other major public utilities like sports stadiums. The readiness of many professional sports teams around the world, threatening to ‘move the team to another city’ if their demands are not meant for a new stadium, surely sounds familiar to any government that has had experience with MRGs and the stakeholders who jockey for them.

Deals where public authorities are pressured by the private sector into new constructions and favourable concessions will certainly provide a clear benefit to business, but leave lingering questions surrounding whether it’s truly the public’s role, and in the public’s benefit, to participate.

For the airline industry this is especially so in an era when luxury travel has been growing rapidly for many years. So, although the volatility of the airline business model remains, so too are new revenue streams opening up to reshape and enhance it.

The nature of these public and private relationships is increasingly important as our world becomes more global, particularly for nations with a high dependency on tourism. Public spending in the future will need to be more precise and nuanced, and deliver plain and clear benefits to the public in order to have popular support.

Local authorities have found success in negotiating down MRGs, and see them become a strong investment in tourism — when a good deal is done.

All advantages are off the table if a bad deal is struck, or circumstances sour it.

For nations looking years ahead and pondering the future of their public spending being able to combat climate change and other challenges, in-depth consideration must be given to whether the current structure of MRGs is sustainable, or should be prevented from taking flight ever again.

The Saint Lucia Registry of Companies & Intellectual Property Company Incorporations Name: Ravgrow Inc. Description: Property management and real estate Directors: Kenrick Raveneau Date Incorporated: 23/09/2019 Chamber: SEDU Name: Merry Maria Tours Inc. Description: Water taxi services and tour operators Directors: Shawn Chin Date Incorporated: 04/10/2019 Chamber: Chong & Co

Name: Trust The Process Inc. Description: A rehabilitation programme for individuals which will provide substance abuse counselling, housing and job training Directors: Jesse Joseph, Brenda Joseph Date Incorporated: 08/10/2019 Chamber: Jesse Joseph Name: Danion TD Inc. Description: Property holding Directors: Rachael DuBoulay Date Incorporated: 08/10/2019 Chamber: Fosters

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