Forget Soho House’s stock price for a second.
And think about their $450 million in annual membership fees.
The real estate world isn’t just about leases anymore. It’s about recurring revenue.
Membership models have changed real estate forever:
Real estate is changing fast.
It’s not just about owning buildings anymore.
The old way was simple: buy property, sign leases, collect rent. But that’s old news now.
New models sell access, not just space:
• Travelers join private travel clubs instead of just booking hotels
• Teams join coworking spaces with amenities, instead of just renting white boxes
• Residents buy into living experiences with perks, not just apartments
• Second home buyers invest in flexible ownership, not just one vacation house
This change from leases to memberships is everywhere:
Hotels → Vacation Clubs (Marriott → Timbers Club)
Office Leases → Flexible Workspaces (CBRE → Industrious)
Golf Course Homes → Private Club Investments (Random HOA → Discovery Land Co.)
1. Predictable cash flow
• Traditional leases mean constant turnover headaches
• But members stay for years—not months
• When hotel occupancy drops, membership dues keep coming
That’s why these businesses survive downturns better than conventional properties.
2. Higher customer value
• Members spend way more than regular customers
• A hotel guest stays once and may never come back
• A club member comes back multiple times
Plus they bring friends who become new members.
3. Unique market position
• Institutional capital can’t play here
• Their investment rules force them into old categories
• They need to put $100M+ to work—these emerging categories are too small (for now)
That creates a sweet spot for smaller investors.
That’s why we’re seeing membership models explode in:
• Branded home communities—like buying into a luxury club
• Adventure sports spots—private surf, ski, and nature getaways
• Marinas & waterfront spots—exclusive access plus growing value
• EV & green hubs—premium charging and eco-travel networks
The future isn’t just about owning space—it’s about selling access.
What’s the next type of real estate that’ll shift to subscriptions?
