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Quest Means Business

House Votes To Release Epstein Files, Sending Bill To Senate; Trump Welcomes Saudi Crown Prince To The White House; Interview With Rep. Yassamin Ansari (D-AZ); Judge Rules Meta Does Not Have An Illegal Monopoly; Trump Touts Economic Progress And Affordability Focus; Hospitality Industry Gears Up For Busy Holiday Travel Season. Aired 4-5p ET

Aired November 18, 2025 - 16:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[16:00:15]

RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": The closing bell is ringing on Wall Street and it is the fourth straight day of losses

for the Dow. The Dow is off, as you can see, not the worst of the session and the triple stack shows also a miserable picture. The NASDAQ is bearing

the brunt one way and the other, tried to break the gavel, failed to do so. Trading is over. The events that you and I will talk about over the next

hour.

The U.S. House has voted overwhelmingly to release the Epstein files. The bill is now heading to the Senate. We will understand what that means.

President Trump offers a very warm welcome to the Saudi Crown Prince and his pledge to invest hundreds of billions of dollars in the U.S., and did I

hear the T-word? Trillion?

And Meta celebrating a major court victory. A judge rules it is not operating a social media monopoly.

Tonight, live from New York. It is Tuesday. It is November the 18th. I am Richard Quest and I mean business.

Good evening.

The U.S. House of Representatives has now voted to compel the U.S. Justice Department to release the Jeffrey Epstein files. The bill was backed

overwhelmingly bipartisan, Republicans and Democrats. Now, it goes to the Senate, where if it passes, it will reach President Trump's desk for his

signature.

This is the moment the House result was confirmed.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: The yeas are 427. The nays are one.

(END VIDEO CLIP)

QUEST: Kevin Liptak is at The White House.

Now, my understanding in all of this is if there is unanimous consent in the Senate and Senator Schumer says, the Minority Leader in the Senate says

it could well be that, then this could all be at the President's desk tonight.

KEVIN LIPTAK, CNN SENIOR WHITE HOUSE REPORTER: Absolutely. And we heard that from the Majority Leader as well, John Thune. He wants to get this

done pretty quickly and I think notably, he wants to do it without any changes to the bill that passed the House and that is important because the

House Speaker Mike Johnson had said before this vote that he wanted to see the Senate make some changes that would ensure, for example, victims' names

were concealed in other efforts to protect identities.

And what we heard from John Thune is that because this passed so overwhelmingly in the House and because President Trump has said that he

will sign it, albeit he said that at the 11th hour, after opposing it for months and months, that there is no reason to make those changes.

And so this is all evolving very, very quickly. If a hundred senators do agree to it, they could have that vote tonight and that could be on the

President's desk shortly thereafter.

I think this is still, you know, quite a remarkable moment for Washington and for the Trump era.

You know, ordinarily, it is Trump pressuring Republicans to bend to his will. What we saw today was exactly the opposite. Republicans in the house

essentially bending President Trump to agree to allow this bill to move forward. It is a remarkable sort of testament to this moment in the

Republican Party and what it portends going forward.

You know, for so long, President Trump has seemed bewildered about why so many people are interested in this, has seemed angry that so many

Republicans appear to be breaking ranks. And today, it seems to be the culmination of all of that. The President essentially conceding defeat and

saying that he would come around to sign it.

I think the optics of him being a latecomer to all of this will be something to watch going forward and I don't think it is a position that

the President necessarily likes to find himself in.

QUEST: And it is worth mentioning, of course, this is all rather unnecessary in that they could have done it without any of this. I mean,

either the Justice Department or the President could have just said, right, we are going to release them anyway. So we've been through this.

The President, to a certain extent, has brought this upon himself.

LIPTAK: Yes, and there are so many botched moments, I think, over the last, you know, ten months or so where the President could have essentially

nipped this controversy in the bud and said to the Justice Department, release everything you have. I am an open book here, and we want everyone

to see what's in these files.

And remember, it was his own supporters that caused this controversy to begin with, including many who are now serving inside the administration.

People like Kash Patel and Pam Bondi and Dan Bongino, who said before they were inside the administration that everything needed to come out and they

were pressuring and pressuring and riling up the MAGA base, insisting that there was a conspiracy at play here.

[16:05:07]

The one person who didn't seem as if he was attuned to that and didn't seem as if he had a pulse on his own supporters was President Trump and you can

see how that all kind of came back to bite him in the end.

QUEST: I need you to stay with me, sir. You're doing double duty. In the business world, we call it squeezing the asset.

The White House is pulling out the stops for the Saudi Arabian Crown Prince, MBS, Mohammed Bin Salman. President Trump welcomed him. There was a

full military band, a flyover of fighter jets, and even a line of mounted horses. They then sat down for talks and there will be a formal dinner

tonight.

In the Oval Office, they spoke warmly about their relationship with the U.S. President calling the Prince a great man, defending him when a

reporter brought up the 2018 murder of the Saudi journalist, Jamal Khashoggi.

(BEGIN VIDEO CLIP)

DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: You're mentioning somebody that was extremely controversial. A lot of people

didn't like that gentleman that you're talking about, whether you like him or didn't like him, things happen, but he knew nothing about it and we can

leave it at that. You don't have to embarrass our guests by asking a question like that.

(END VIDEO CLIP)

QUEST: Fascinating, wasn't it because, MBS then goes on to answer the question in a perfectly respectful and dignified way, pointing out that a

great mistake had been made. It was completely unnecessary for the president, in a sense, to interrupt like that.

LIPTAK: Yes, it was a stunning moment. He essentially exonerated Mohammed Bin Salman for a murder that the CIA says that he ordered, and the

President seemed totally offended that ABC reporter, Mary Bruce, would even deign to raise the issue inside the Oval Office, and I do think it just

goes to underscore how much President Trump wants to use this visit to really welcome Mohammed Bin Salman back into the diplomatic fold after some

years out in the cold, after acting as something of a pariah on the global stage, after that murder, the President really just shrugging it off and

pulling out all of the diplomatic stops.

I've never seen horses on the South Lawn welcoming a leader to The White House. This was a state visit and everything but name only. But I do think

it is a question of what President Trump is getting out of this. Yes, MBS says that he is going to up his investment to $1 trillion in the United

States.

You know, Saudi Arabia's GDP is only about $1.2 trillion. He stopped well short of all of the other issues that the President wanted from him,

whether it was joining the Abraham Accords. He says he needs a pathway to a Palestinian state, whether it was investing in rebuilding Gaza. He says

that that's something that they'll discuss. But he certainly didn't commit to it in the Oval Office today.

So even though President Trump is sort of laying out the groundwork here, rolling out the red carpet, really sort of trumpeting his arrival back to

the American diplomatic fold, I think it is an open question of what actually, President Trump is gaining from all of this.

QUEST: Business is what we will be talking about next. Kevin, always grateful. Thank you, sir.

And on that question, never mind what was promised, Saudi Arabia has already pledged to invest $600 billion and the Crown Prince said that

number could go higher to $1 trillion as Kevin Liptak was saying.

Mr. Trump says Saudi will buy F-35 jets and the two countries have reached a defense agreement, but we don't have any details. MBS said they would

also announce deals on A.I. and advanced technologies.

So what actually came out of this? Yes, there was a lot of big business on the agenda. Now, the president of the U.S.-Saudi Business Council joined me

earlier on the lines and says relations are at a peak.

Charles Hallab told me the warm ties go beyond the current President and the Crown Prince.

(BEGIN VIDEOTAPE)

CHARLES HALLAB, PRESIDENT, U.S.-SAUDI BUSINESS COUNCIL: This is really an alliance for the ages what we are talking about here. We've gone well past

partnership, a transactional relationship built on barrels and moved toward a strategic partnership built on bridges and business.

QUEST: Related to this is going to be the ability of Saudi to square the circle with Israel, join somehow the Abraham Accords. Now, I've heard the

Crown Prince many times talk on this, but at some point, a deed has to be done if the business is going to flow.

HALLAB: It is above my pay grade for sure, but I am incredibly optimistic and based on the things I am hearing lately, I would say stay tuned for

some positive news in the near future.

QUEST: There are still criticisms of Saudi and you're -- here is the problem for your members, particularly the U.S. side.

[16:10:02]

When you then do hear the criticisms on human rights, for example, the number of executions in Saudi Arabia, judicial executions, et cetera, et

cetera. You see, the difficulty for you is many of your members or most of them are quoted companies, listed companies who have shareholders, who do

take an activist interest.

How do you balance that off?

HALLAB: Well, everything is a balance and I don't pretend to speak for the Kingdom in that regard, nor do I pretend to speak for so many other

countries that have similar issues that seem to raise less concerns in boardrooms across the U.S. and across the world.

I only ask that people judge it on its merits, and I don't think the story of Saudi Arabia is properly told, either in boardrooms or on Main Streets

across this country.

QUEST: Tell me more about that. I am interested by what you've just said and how you think that could change.

HALLAB: Well, I've been going to Saudi Arabia professionally for 30 years and otherwise even longer than that. You and I both know that the changes

are mind boggling. The developments, the advancements, the opportunities that have been created over the last ten, 15 years were previously

unimaginable.

For those who sit from afar and criticize, I only encourage them to go to Saudi Arabia and see for themselves how the lives of girls and women have

changed so dramatically. The opportunities that have been created for ballet classes, for health and surgical procedures, for opportunities to

feed families, whether its Madill, Oklahoma, or Medina, Saudi Arabia, the opportunities are and the aspirations are equally important and those have

been created in the Kingdom beyond our wildest imaginations, frankly, ten, 20 years ago.

QUEST: One of the big differences, I think, that we saw in Saudi at FII this time is a -- it is a subtle message, but it is very clear, which is

don't come to Saudi just to take the money out. The days of going to Saudi, just to fill your boots with contracts. Yes, the contracts are still there,

Neom, et cetera, et cetera. Not as much before, but PIFF is not just looking to invest out, it is what you can bring in.

How is that reflected?

HALLAB: Yes, no, that's exactly right and it is a very astute observation. Long gone now are the days where American companies or other foreign

companies can show up with suitcases and expect them to be filled with cash, or are there simply to sell services and products without engaging

with the kingdom of Saudi Arabia in a material and mutually beneficial way.

So Vision 2030 is the guiding vision for the Kingdom at the moment. U.S. companies, just like all companies, are encouraged to understand what that

vision contemplates and to be part of it. So it is really partnership these days.

How can U.S. companies partner with Saudi companies and with the Kingdom of Saudi Arabia in a mutually beneficial way. We all know how goods and

services can be sold backwards and forwards, but what we are really looking at the U.S.-Saudi Business Council is that intersection of the Venn

diagram, where both U.S. companies and Saudi companies benefit.

(END VIDEOTAPE)

QUEST: The head of the U.S.-Saudi Business Council.

This is QUEST MEANS BUSINESS. I will show you the markets when we come back. Not awful, not very good either. QUEST MEANS BUSINESS.

(COMMERCIAL BREAK)

[16:16:23]

QUEST: Our top story, the House of Representatives in the U.S. has voted to compel the Justice Department to release all its files on Jeffrey Epstein.

Now, the Senate is taking it up, and that could vote -- assuming it is unanimous consent and that could happen as soon as tonight. This could all

be over and done with before breakfast.

Yassamin Ansari is a House Democrat from Arizona. Ma'am, I am grateful to you. Thank you for taking the time. Busy days, and I am grateful for your

time.

Well, look, I mean, one vote against. It was all done and dusted and it seems as if everybody is now on board. It might have been a tortuous

process, but it looks like these papers will now be released.

REP. YASSAMIN ANSARI (D-AZ): Thank you for having me.

Today's vote was extremely important because it meant that every single member of Congress had to go on the record about whether or not they

support protecting pedophiles, or whether or not they want accountability and justice. However, I just want to be very clear about the timeline and

the facts in terms of what Donald Trump is legally obligated to do in this moment even before this vote.

In July of this year, the Oversight Committee issued a subpoena against the Department of Justice and the Department of Justice under the Trump regime

has refused to comply, still has not complied. So this is an important step. Donald Trump, to be determined whether or not the Senate passes this

bill and whether or not Donald Trump signs it, but then ultimately, like it is today, it is up to Donald Trump to release these files and he could do

so right now, but has refused to do so.

So I just want to make sure that he is not able to gaslight the public into thinking that suddenly he is for accountability. There is still a lot we

don't know.

QUEST: Right, but at the end of the day, I mean, I am looking at tonight's vote, both John Thune and Chuck Schumer both seem to suggest that this is

going to go through unanimous consent. The President has said he will sign it. I am guessing now the --

ANSARI: But the President --

QUEST: Go ahead, ma'am.

ANSARI: The President signing it also does not necessarily like he still needs to make sure that the files are released immediately. They did also

just launch a bogus investigation targeting only Democrats, which some worry will create an avenue for Trump to then be able to say, sorry, there

is an active investigation going on.

This is not something were going to allow to happen, and, you know, the survivors are not going to let this go, but I think to celebrate too early

is also not wise.

QUEST: Let me just turn to former Treasury Secretary and Harvard -- former President of Harvard, Larry Summers who has admitted and he has said that

he is ashamed at his actions in keeping in contact with Jeffrey Epstein after it was known.

Do you believe that that is sufficient? That more would need to be done more? I mean, he said he will step back from public life. I mean, we are

going to get a lot more of these people who kept in touch with Epstein after they knew that he had been -- he pleaded guilty to the various

charges.

ANSARI: You know, I know Senator Warren has called on Harvard University to cut ties with Larry Summers. I think it is a good step that he is stepping

back and acknowledging and apologizing for his mistakes. Again, there is so much more information yet to be uncovered, even the 23,000 pages that came

from the Epstein estate, of which these e-mails with Summers were part of.

[16:20:06]

First of all, that is not the Epstein files, but there are a lot more documents that we are still waiting on from the estate in and of itself,

and then with the Department of Justice, you know, decade's worth of investigations, that's going to be extremely telling in terms of who is

implicated and what needs to be done to hold them accountable.

QUEST: You see, one of the things that having covered this in some detail over the months, we end up with people like the former Prince Andrew, who

ends up with an enormous, rightly so, opprobrium on their head, and now we sort of see the attention shifting slightly towards Larry Summers.

But the reality is, if you read the Giuffre book, there are many very wealthy, powerful people who were involved that seemingly are sliding by,

by one way or another.

ANSARI: Absolutely. I mean, I have met with the survivors and heard from them, and it is very clear from their testimonies that there are many,

many, many rich and powerful men who are still in very powerful positions, you know, people who may have buildings named after them across the United

States and across the world, people who are still hobnobbing in the most elite circles and they have not been held accountable. I believe that we

have not even scratched the surface of getting to holding these people accountable and understanding who they are and what kind of crimes they've

either committed themselves or enabled. So that is why it is imperative that Donald Trump release the Epstein files today.

QUEST: Congresswoman, I am grateful. Thank you, ma'am for taking time. I know how busy your day is, and we are always happy to have you on the

program. Thank you.

Now, let me just remind you, Larry Summers -- let me just remind you what Larry Summers said in his statement. Larry Summers said: "I am deeply

ashamed of my actions and recognize the pain they have caused. I take full responsibility for my misguided decision to continue communicating with Mr.

Epstein." He says, he intends (Summers says) to keep teaching at Harvard. He also holds a post at the Harvard Kennedy School, and he is still listed

as a board member for OpenAI and a paid contributor for Bloomberg.

Larry Sabato at the Center for Politics at the University of Virginia.

Larry, you were listening to the Congresswoman and to that, I mean, this is how it sort of now gets larger, doesn't it? Whether it is from the files,

as the Congresswoman said, or from others, the number of people that this has still yet to touch, we don't really know.

LARRY SABATO, DIRECTOR, CENTER FOR POLITICS, UNIVERSITY OF VIRGINIA: No, we don't and think about how many years it has been, Richard, we still don't

know.

This has given people, certainly me, I think others who are naive, it has given us a little bit of a vision into the life lived by one tenth of one

percent at the top, and it is disgusting, sex trafficking is. It is just hard to believe that some of these people who know better and who know how

damaging this could have been had it been revealed were still participating. So, that's the general shock.

Of course, there is only one who is President of the United States, and he is the one that we are focusing on for the most part an and I am yet to be

convinced that we are really going to see everything.

QUEST: Right. Now, I need to point out, of course, that there is -- as I understand it, and of course, from the Giuffre case itself, there is no

actual allegation, never has been against President Trump himself and no suggestion anywhere that any was made of a misdeed.

The issue here, of course, is what might be protected against others, and I mean, I don't think I've ever really seen a case where it is a case of no

smoke without fire, which is essentially the argument here with the files, isn't it?

SABATO: Well, yes, I would say there is both smoke and fire, and there has been for a long time, and you're quite correct. There is no corroborated

incident involving President Trump. But we also know that he and Jeffrey Epstein were incredibly close friends for a long time before they had a

falling out, and Epstein seems to have made this sordid practice part of his life for a decade, two decades -- who knows how long it went on.

QUEST: Larry, I don't want to age you unnecessarily, but you've been around the block once or twice, and you've seen more than a few Washington

scandals, but you've also seen when they have got legs and when they peter out, when they keep going, and when everybody gets bored and the agenda

moves on, rightly or wrongly. What is your gut feeling now?

SABATO: My gut feeling is that it might have died out, except for a move that Donald Trump himself made with the concurrence of the U.S. Attorney

General, Pam Bondi. Not too long ago, he decided to expand the public's knowledge of this scandal, not incorrectly, to include Democrats who were

involved or might have been involved.

[16:25:11]

And so now there is another investigation, and that investigation, which the Attorney General agreed do immediately, and setting up a prosecutor

working on it, that could potentially stall some of the documents from being released.

QUEST: Interesting. And that could be the way to prevent them being released.

Final question, Marjorie Taylor Greene, what on earth has happened there? I mean, and I am not questioning her credentials in terms of Epstein -- she

has been absolutely firm and dogged and ruthless about ensuring the victims are being heard.

But this break with the President. This, I've done my toxic bit, and I am sorry for it. Do you buy it?

SABATO: I buy that she is angry at the President and some of the people around him, not just for the Epstein matter, although that is part of it.

But I think that she believes that the Trump team has been less than loyal to her. She wanted to run for the U.S. Senate next year against a

vulnerable Democrat in Georgia, and the Trump team likes Marjorie Taylor Greene or at least they did, but they didn't think she could win, and they

produced polling evidence of that and she took great offense to that. And I think that's part of this, too.

So it is always more complicated. There are public motives and there are private motives and with politicians, you can never separate them.

QUEST: And I am grateful for you for helping us understand it. Thank you, Larry. Good to see you as always.

QUEST MEANS BUSINESS tonight. President Trump has said affordable is the word. Now what does affordable mean? We all think we know affordable. It is

when something has a cost that is not too high, able to be afforded. We will talk more about that, the affordability crisis in a moment.

(COMMERCIAL BREAK)

[16:30:09]

QUEST: Meta got a big victory in the federal courts when a judge ruled that the company does not have a monopoly. Judge James Boasberg wrote that

TikTok and YouTube prevent Meta from monopolizing the social media market, and that the rise of A.I. has changed the landscape. It allows Meta to

avoid having to go through a costly breakup.

Clare Duffy is with me.

I always think with these cases a bit too late, you know? I mean, the monopoly was before, now it's not. But it does prove the point that there

is a lot of very valid competition against it.

CLARE DUFFY, CNN TECH CORRESPONDENT: Yes, Richard, I mean, that was what was so interesting from this ruling from James Boasberg today is he

basically says that things have changed since the suit was filed in 2020, and that the FTC didn't meet the burden of having to prove that Meta is a

monopoly currently. The FTC filed this case as I said in 2020 basically accusing Meta of acquiring nascent competitors Instagram and WhatsApp so

that it wouldn't have to compete with them, and said that that made Meta a monopoly.

But James Boasberg sided with Meta's argument here that TikTok and YouTube provide sufficient competition to make Meta not a monopoly. Boasberg also

pointing out in his ruling that Meta's market share in the -- in terms of user time spent on social media has actually fallen, and then again,

pointing to the fact that the landscape here has changed significantly. Meta's own apps have changed significantly, especially with the emergence

of A.I.

And this is a huge win for Meta because spinning off Instagram and WhatsApp could have taken a huge hit to the company's bottom line, especially as

Facebook has become less and less popular with users.

QUEST: But I wonder, is it not a pyrrhic victory here? Because we're not talking about a monopoly, we're talking about a triopoly in a sense. The

two others TikTok, vast Chinese resources. YouTube, Google money up the wazoo. Put it all together, it's a question of not whether -- I mean,

they've sort of cornered it, if you can have a corner with three.

DUFFY: Yes. I think what James Boasberg is sort of describing here in his ruling is the fact that because TikTok was such a latecomer to the social

media market, you know, Facebook, Instagram, WhatsApp, YouTube had been around for years and were really dominant. TikTok was able to come in

basically in 2020 and create this competitor out of -- sort of out of thin air, although, as you say, certainly a well-resourced company.

So he said that pointed to the fact that it is possible for competitors to spin up and create significant competition to these big players. But I do

think that your point is well taken that you don't have a huge field of competitors here. There are really about five major social media platforms

that are capturing so much attention.

QUEST: Right. Good to see you. I'm grateful. Thank you, Clare Duffy.

President Trump reversed his policy on tariffs on coffee, on beer and other foods, and it's all about affordability, making things cheaper because

people are really finding things extremely expensive, and he seems to be getting the blame. On Monday, he addressed affordability concerns during

what's called the McDonald's Impact Summit.

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: The word is affordable and affordable should be our word, not theirs, because the Democrats got up and

talk about affordability, affordability. And they don't say that they had the worst inflation in history. The highest energy prices in history.

Everything was the worst. What they're great at is lying.

(END VIDEO CLIP)

QUEST: I'll just say it straight away. They did not have the worst inflation in history. We can argue about what it was and when. But it was

not under the Democrats in the last administration.

A new Reuters poll, Ipsos poll finds only 26 percent of Americans say the president is doing a good job at handling the cost of living.

Joining me now is Stephen Collinson, wrote an excellent piece on affordability.

The reality is we've seen this before with it's the economy, stupid. You can't tell people there's no inflation when their pocketbook and bank

account tells them otherwise.

STEPHEN COLLINSON, CNN POLITICS SENIOR REPORTER: Yes. You know, the president's political tactic is a terrible one. He went to that McDonald's

conference last night, and he basically said to Americans, this is the best it's ever been. We're in a golden age. And when you go to your grocery

store on a Saturday morning and you get your ticket and you look at it and you see you've got two bags of groceries for 120 bucks, you know that you

are not in a -- in a golden age. So that is a real mess.

The problem with affordability as a political argument is it's great when you're out of power as Trump showed in 2024. But when you get power,

affordability becomes your problem. And that's the situation that Trump is in now.

[16:35:02]

Voters want him to fix stuff that he might not be able to fix.

QUEST: The issue, of course. I mean, I listened today when he was with he said it before and he said it today when he was with the crown prince, that

had been the worst inflation ever. That is simply not true. The 1920s had inflation in the high 20s, the 1980s had inflation in the high teens.

We've, you know, we've easily had -- there you go. I'm showing it on the screen now. 23 percent. Nothing like under Joe Biden. How does he get away

with it?

COLLINSON: Well, that is a good question because he basically gets away with everything all the time. And this -- in this affordability argument,

he isn't getting away with it. You can tell people that inflation was massive before he got there. You can argue that the 2020 election was

fraudulent and convince millions of people who are already disposed well towards you. But the reality of groceries is something that everybody

understands.

So that, I think, is the real problem that Trump has here. And then, of course, there's the question of, well, OK, inflation right now is 3

percent. So why is it that people feel a lot worse off than perhaps they should? Maybe that's got something to do with Trump's policies himself.

There's been a lot of talk about how tariffs are increasing costs, for example. And you mentioned how he's put out that executive order to try and

lower key prices on coffee and fruit and other stuff.

QUEST: Stephen, I'm grateful. Your article is excellent. I recommend it for reading. Thank you, sir.

As yearend approaches, hotels and resorts, everybody is gearing up for a busy holiday season. The automobile association AAA expects a record 82

million U.S. travelers over the Thanksgiving weekend will make a move. Good news for the owners of luxury hotel properties like Trinity Investments.

It's had an eventful year. It sold the J.W. Marriott in Phoenix for best part of a billion.

Trinity's portfolio still includes properties in locations like London, Zurich, Cabo San Lucas and Maui, and Sean Hehir is the CEO. Sean is with me

now.

Good to see you, sir. And I'm fascinated by companies like yours, a hotel real estate, because you have the job of choosing where to buy. You don't

run the hotel, you don't market it. You don't -- you know, that's franchised off or management contract off, but you have the job of deciding

where is the best place likely to put a hotel, don't you?

SEAN HEHIR, PRESIDENT AND CEO, TRINITY INVESTMENTS: We do. We have the great fortune of choosing where to invest and which hotel brands to invest

alongside. And for the most part, Richard, thank you again for having me on the show. But for the most part, we focus on the sunbelt. So maybe Florida,

Texas, Arizona, Southern California, Hawaii, these are more destination oriented markets and that's where the travelers and the consumers seem to

want to go.

QUEST: But it's also some of the busiest. It's got some of the toughest yields and rev parse anywhere to make money.

HEHIR: They do. But, you know, these are the markets that people want to go in. And what I've learned in my career is that if you provide the product

and you provide the amenities at these properties, the customers are prepared to spend. We, as I was listening to your earlier segment, we are

about to enter into one of the busiest holiday travel seasons in history. The upscale, upper upscale luxury travelers they are traveling en masse.

Room rates are high.

They are very demanding of the product that they want. So we on the ownership side, it is our job to provide that product to work with the

hotel brands, to renovate the hotels to a standard that they're prepared to spend on. And the good news is, with strong demand, we have no new supply

of any real scale in these markets with these types of assets. So these travelers have the existing stock to go to. And as long as we keep

improving those assets, that's what's important.

QUEST: I do love this discussion because obviously covering travel tourism over the years, there's always that -- but there's also always the tension

between owners and brands. Brands would like owners to spend more on the property. They'd like refurbs more often. Owners would like to have more

ancillaries. They'd like to have rev par higher. It's always a fascinating and yet you're both in bed together. So you've both got -- you both have

the incentive to make sure the thing works.

HEHIR: That is true. And we could not be prouder of our relationships with the brands. With Hilton, Marriott, Hyatt and Accor. And what we've found is

that if -- we have the team at Trinity, which we have, we have close to 50 professionals who all have a hospitality background. So when we work with

the brands, we're coming from a place of credibility and a place of respect, because we know how hard the work is in these hotels.

QUEST: Right.

HEHIR: So when we're working on renovating a hotel, adding more amenities, they know that we're doing what's right for the property. And at the end of

the day, we all win.

[16:40:06]

QUEST: So when we look at something like Marriott, which has 35 brands or however many it is, or Accor with dozens of brands, what for you at the

moment is the sweet spot for brands? Is it this dreadful lifestyle that I have no idea what it means? Is it the upper end where, you know, the uber

luxury, or is it the long term stay which seems to be growing?

HEHIR: What we love, Richard, are the larger properties. So 400 rooms and larger in these destination markets because then you have multiple levels.

We have group, we have transient, we have corporate, we have all these different segments that we can cater to. And you're also of a size that you

can provide the pools, the golf courses were available. The right meeting space, et cetera. And again nobody is building them.

So if we buy under-renovated and under-appreciated properties, breathe life into them, the brands are very astute at providing the customers. The group

base is strong. They drive business into these hotels. And as I said earlier, we all win under this circumstance. But it's not easy work. We

have to sort of see where the customer is going, what they're looking for. There's work from home. It's a real thing in the U.S. People are traveling

more. Companies have had to shrink their office footprints as a result.

So when they have offsite meetings, they're traveling with their teams to these hotels that we own. So we're fortunate that we have these multiple

segments competing with each other to be in these properties.

QUEST: Let's make a deal. Let's make a deal together. Next time you and I interview, it'll be in one of your hotels, preferably somewhere nice and

sunny. Do we agree.?

HEHIR: That is a deal, Richard.

QUEST: Consider it done. Thank you, sir.

I'm going to show you the markets and how we close the day. It closed down as delayed federal data looms. Basically, everybody has got an idea of

what's sort of happening in the economy, but nobody is really very sure because we are still waiting for some real hard data now that the

government is opening up again.

Nvidia earnings or Nvidia, can never say that right, that is still to come. There's the Dow. Merck at the top. Home Depot got really got clobbered on

its earnings. And as you can see the way the market traded.

And that is QUEST MEANS BUSINESS for this evening. I'm Richard Quest in New York. Whatever you're up to in the hours ahead, I hope it's profitable.

We're in Turkey next for "A World of Wonder."

(COMMERCIAL BREAK)

[16:45:46]

(BEGIN VIDEOTAPE)

QUEST: I'm Richard Quest. I love traveling the world.

And I'm not done yet.

It's time to embrace new adventures.

This is magnificent.

Seize the moment in this "World of Wonder."

(Voice-over): This month I'm exploring a section of Turkey's southwest coastline. Locals call it the Turquoise Coast. Life on board boats is all

about being prepared, and that means having the right equipment.

This is what I love. All the stuff that you have to buy to go with the yacht.

UNIDENTIFIED MALE: Yes, this is magnetic.

QUEST: What?

UNIDENTIFIED MALE: They're all magnetic.

QUEST: Wow.

UNIDENTIFIED MALE: It doesn't -- it doesn't move.

QUEST: Oh, I like that. Oh, that's cool.

(Voice-over): Whether I'm on a traditional Turkish gulet or a super yacht, I must always look the part. In times past "to get ahead, get a hat" was a

much loved phrase. It's one I've tried to follow, but, oh, dear.

My hat is disgraceful. I need to get a new hat. No, no, I need to get a new hat. Something sort of stylish. Now look at this. This is very -- this is

what it should look like. This is what it should look like. But mine is starting to look disreputable. I need to go and buy a hat after we finish

here. Yes, look at this. This is all -- look at. This is -- this is quality. Thank you, sir.

Now we should be able to find a hat here. Oh, that's very splendid, isn't it? I think this is the right color.

UNIDENTIFIED MALE: Everyday yachting.

QUEST: Everyday yachting and then this is for cocktails in -- the cocktails in the evening.

(Voice-over): Now, hat on head, I'm back on board the Queen Duru, the gulet I chartered for the day. Well, the boat doesn't only come with its captain

and crew.

UNIDENTIFIED MALE: Richard, we need you in the kitchen.

QUEST: Excellent.

(Voice-over): Charters come with a chef who will prepare the meals. The food, by the way, costs extra.

How wonderful to see you.

DENIZ KURT, SUPERYACHT CHEF AND FOUNDER, ATLANTICO YACHT CREW: Welcome to my galley.

QUEST (voice-over): Denise Kurt has spent hours in ship's galleys large and small. Normally, she provides chefs for superyachts. But today she's agreed

to get the apron on and remember what it's like when your kitchen barely has room to turn around.

KURT: Let's start with the shrimp stock.

QUEST: Oh, my god.

(Voice-over): And today she's making risotto.

KURT: In the meantime, let's saute the shrimp. After the onion, I'm going to add the rice straight away.

QUEST: Now this is where it could all go horribly wrong for me.

KURT: Rice is singing. You hear? Singing.

QUEST: Your average white rice won't do.

KURT: No. Only arborio and Carnaroli rice.

QUEST: What?

KURT: Arborio.

QUEST: Arborio.

KURT: Or Carnaroli rice. I'm going to add salt and saffron.

QUEST: Oh, this looks magnificent. Oh, you can taste all the flavors. What's the number one thing that you tell chefs who want to work on yachts?

KURT: Always searching the best ingredients. They have to have knowledge of the variety of cuisines. You can't become a yacht chef directly from the

culinary school. You have to work in the restaurants like a couple of years to understand the dynamics, to see the different kind of requests, to make

every meal fascinating. So that's why after a while you become a chef, yacht chef.

[16:50:16]

QUEST (voice-over): Being a yacht chef requires imagination, mixed with skill, layered on tact, and finish off with a sauce of charm. At this yacht

show in the seaside town of Gocek, I've been invited to be a judge in a competition for yacht chefs.

Look at this. It smells amazing. Street food elevated into gourmet creations.

UNIDENTIFIED MALE: Yes.

QUEST: The first course is the traditional Turkish wedding stew. Presentation is lovely, isn't it? We have got Albanian style liver, which,

if I give the local pronunciation of my dear friend next to me is --

UNIDENTIFIED MALE: Arnavut.

QUEST: Arnavut.

UNIDENTIFIED MALE: Cigeri.

QUEST: Cigeri.

UNIDENTIFIED MALE: I'll explain a little bit about the second course.

QUEST: Please do.

(Voice-over): One after the other I'm tasting their culinary miracles.

It's shell with braised lamb, plum salsa, and Kash kaval.

(Voice-over): Concocted in small galleys, they're performing culinary miracles.

I love the presentation of that. This is the ring shaped dessert --

UNIDENTIFIED MALE: Halka tatlisi.

QUEST: Halka tatlisi. Tatlisi. Similar to Turkish style churros.

(Voice-over): As Deniz said, these dishes require both skill and imagination.

There's a lot going on in this one.

(Voice-over): Who am I to judge?

I am a dessert-a-holic.

QUEST (voice-over): I'd struggle to produce anything half as tasty even on dry land.

Thank you for your hard work. Wonderful. Thank you. Where are my shoes?

(COMMERCIAL BREAK)

QUEST (voice-over): The Queen Duru, my chartered gulet for the day, is a fine figure of a vessel. I'm in very good hands because this crew don't

only sail the boat, they build them as well in homemade boatyards nearby.

Look at all this. Do you build to order or do you just build and then hope to sell?

RAMAZAN KAYA, CAPTAIN, QUEEN DURU: (speaking in foreign language).

ISIL, PRODUCER FROM ISTANBUL: It's both. It's their cousins. Either they produce for themselves or they do it for others to selling purpose.

QUEST: OK, question. What makes a gulet different from a boat?

KAYA: Wooden.

QUEST: Really? You know, I guess I know what wooden is, right, but is it not the shape?

ISIL: The shape as well. And also the space it gives you.

QUEST: How long does it take to build?

ISIL: A boat of this size finishes in one year.

QUEST: One year?

KAYA: Yes.

QUEST: How much do they cost?

KAYA (through text translation): It depends. Some want mahogany. Some want interior design. There is no limit on the sea.

ISIL: He says --

QUEST: I knew we'd never get to the answer on this one.

ISIL: He says there is no limit --

QUEST: Yes, there's no -- are you any the wiser about how much this cost?

UNIDENTIFIED MALE: No idea.

QUEST: No, no idea. I don't think we're ever going to find out.

(Voice-over): I've spent a lot of time on boats, but now it seems everyone wants me to get in the water. They've given me a motorized contraption that

will help me get into these hidden caves so I can really experience the turquoise sea.

[16:55:06]

Oh, wow.

(Voice-over): There is no end of gadgetry that one can get to enhance the time spent on the water. Remember that sailing craft with the foil that

flew through the water? How about this version?

HAKAN ALTUNSOY, OWNER, HAUTE BOARDS: This is the e-foil. So what it does is it's on a foil. It has a propeller at the back. And this model has a

handlebar which makes it easier to ride. And it has this rubber dinghy looking inflatable thing around it. So it makes it really easy to lift off

from the water. It wants to do this move once it gets out of the water with your weight.

QUEST: The lift is at the back.

ALTUNSOY: Yes.

QUEST: Therefore it's -- now wait a minute, you're moving forward. The lift is coming up from the back.

ALTUNSOY: And turning right and left. With this model you have a handlebar. You can just, you know, shift your weight.

QUEST: Just it's shifting weight.

ALTUNSOY: Exactly. Shifting. It's not --

QUEST: There's no turning.

ALTUNSOY: Yes. No, not like that. Perfect. Exactly. That's how it is.

QUEST: All right. It's a bit terrifying. Now, what happens if I fall off besides I go in the water? I assume there's a kill switch that comes off of

it.

ALTUNSOY: Yes, it just once you let go, it just stops automatically.

QUEST (voice-over): So that is what it's supposed to look like. My turn.

And as they say, what could possibly go wrong? Oh, yes. The insurance on the e-foil requires me to wear my helmet. I try, try and try again. My

producer, Tom, a valiant first go until --

UNIDENTIFIED MALE: Neal, left. Neal, left.

QUEST (voice-over): But of course, trust Australian artful Andrew to master this craft. Yes, I see you and you've won.

One of the many joys of traveling is that it enables us to enjoy new experiences, but more importantly perhaps, it helps to renew and revive old

friendships. And this trip has provided the opportunity for both.

Life is good. Sailing the unmissable waters along Turkey's southern coast, and you won't want to miss coming here for yourself. After all, Turquoise

Turkey, definitely part of our WORLD OF WONDER.

(COMMERCIAL BREAK)

END