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Thomas Brown

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Four Seasons is becoming the new Ritz-Carlton. And in case you forgot, Ritz-Carlton is just Marriott with lipstick. Every luxury brand follows the same cycle. At the beginning, it’s uncompromising,… | Thomas Brown | 107 comments

🏨 Four Seasons is becoming like Ritz-Carlton post-Marriott acquisition—more about scale than exclusivity. Luxury brands lose identity when growth capital pushes expansion. The focus shifts to independents and micro-collections like a 36-key estate in Umbria or a 42-key inn in California, which preserve uniqueness. A 40-key hotel maintains its DNA better than a 400-key resort. Investing in rarity over scale ensures higher long-term premiums and attracts discerning buyers. The future of luxury lies in resisting scale.
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If you can’t find capital for a true luxury boutique hotel right now, you’re either selling junk or talking to the wrong people. Because here’s the truth: money isn’t scarce in this segment — it’s… | Thomas Brown

💰 In 2024 and the first half of 2025, luxury boutique hotels saw record-breaking ADRs at $1,540 and $1,575, respectively. Occupancy rates soared into the 60s and 70s. While room revenues at economy motels fell by -0.5% in Q2, -1.1% in July, and -1.1% in August, luxury hotels like Hôtel du Cap-Eden-Roc commanded peak rates of €3,500+. With high demand, capital is abundant for top-tier properties, making them highly attractive investment opportunities.
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The arms race in luxury hospitality isn’t over. Everyone thought the chase for sub-100-key hotels had peaked. It hasn’t. It’s accelerating — and now it’s spilling into ground-up projects that will… | Thomas Brown | 13 comments

🏨 Luxury hospitality is seeing a surge in sub-100-key resorts globally, driven by scarcity of unique locations. In the U.S., retreats under 70 keys are being developed as cultural artifacts. Central America is witnessing eco-resorts in zones where repeats are impossible. Africa sees institutional backing for lodges. This shift reflects scarcity as a lucrative investment, with 30-key inns trading at 14x EBITDA, outperforming 300-key towers at 9x. The race to build unique hospitality experiences continues.
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