Industry brief · monthly
The Economics of Luxury.
M&A in hospitality. Wealth migration. The tax changes that reshape the map. A short brief for the principal who wants to read one thing on the subject this month.
01 · M&A
Who is buying whom.
Soho House taken private. LVMH's Cheval Blanc expansion. Aman residences pipeline. The deals shaping the next decade of hospitality at the top.
02 · Wealth migration
Where the money is moving.
Citadel to Miami. Non-doms out of London. Singapore's family office push. The flows behind the openings of 2026.
03 · Tax & residency
What it actually costs.
Monaco, Florida, Dubai, Geneva, Lisbon, Sotogrande, Singapore — the residency regimes, side by side, in 2026. No spin.
The dossier · 19 pieces
All the industry briefs.
Industry3 min · 18 May 2026
The Real Estate Agent Concierge — Why the Two Jobs Are Now One
The UHNW client now buys the residence and the villa from the same person. Here is why.
Industry3 min · 18 May 2026
The Branded Residence Wave Hits Sardinia
Mandarin Oriental opens at Pevero and Costa Smeralda quietly leaves the hotel business.
Industry4 min · 18 May 2026
Soho House — From IPO to Take-Private, the Membership Model's Hardest Year
*Four years on the New York Stock Exchange ended in a $9-per-share buyout. The question is whether scarcity can ever be a quarterly metric.*
Industry5 min · 18 May 2026
The Saint-Tropez Hotel Owners' Quiet Game — Who Owns What in 2026
*LVMH, the Floirat-Chevanne family, the Pariente group, Stéphane Courbit's Airelles, the Weill family. The Var, mapped by ownership rather than by stars.*
Industry4 min · 18 May 2026
Riviera Dining Group — The Story Behind MILA's Empire-Building
*MILA opened in January 2020 and went on to become America's top-grossing independent restaurant. The next three openings are the bet on what comes after.*
Industry4 min · 18 May 2026
Portugal NHR Is Dead — Long Live the IFICI
*The flat-tax regime that built Comporta and re-priced Lisbon closed on 31 December 2023. Its successor is narrower by design.*
Industry5 min · 18 May 2026
Monaco vs Dubai — The Residency Arms Race
*Two zero-income-tax jurisdictions, two structurally different propositions, and a 2026 capture race the principality is not winning on volume.*
Industry3 min · 18 May 2026
Marriott × LVMH Bulgari Hotels — The Quiet Joint Venture Reshaping Luxury Distribution
*A 25-year partnership that lets the maison hold the brand while Marriott carries the operations, the financing partners and the Bonvoy distribution.*
Industry4 min · 18 May 2026
LVMH's Hospitality Build — Cheval Blanc, Belmond, Bulgari Hotels
*The patient assembly of a three-brand hotel empire by a leather-goods house, and the open question of what Kering does next.*
Industry5 min · 18 May 2026
The London Non-Dom End — Where the Money Actually Went in 2025
*Two centuries of fiscal protection ended on 6 April 2025. The relocation map, twelve months in, is more concentrated than the trade press predicted.*
Industry4 min · 18 May 2026
Florida Real Estate, 2026 — Where to Buy Before the Wave
Coral Gables, Surfside, Sunny Isles, Bal Harbour — the new hierarchy of South Florida money.
Industry5 min · 18 May 2026
Why Citadel, Goldman, and the Hedge Funds Moved to Miami — and the Numbers Behind It
*A $1 billion bayfront tower, a 13.3% state-tax delta, and a relocation pattern that has now passed the point of being reversed.*
Industry5 min · 18 May 2026
The Branded Residence Boom — A $300 Billion Pipeline by 2030
*Knight Frank counts 611 live schemes and 1,019 by 2030. The asset class the UHNW buyer chose over the hotel suite is now a measurable industry.*
Industry4 min · 18 May 2026
The Aman Empire — Vladislav Doronin's $3 Billion Bet on Permanence
*One urban opening every eighteen months, residences over rooms, and a Saudi sovereign-fund cheque that revalued the brand at $3 billion.*
Industry3 min · 18 May 2026
Adrian Zecha at 92 — The Aman Founder Starts Again
*The man who wrote the codes of minimalist luxury hospitality is opening a 24-villa farm in northern Japan this spring.*
Industry3 min · 18 May 2026
Accor's Orient Express Sails — When the Hotel Becomes a Ship
*The world's largest sailing yacht left Saint-Nazaire on 2 May. The luxury hotel is no longer a building.*
Industry3 min · 17 May 2026
Why Three-Star Chefs Are Doing Beach Clubs Now
*Alléno at Beauvallon, Frechon on the Saint-Tropez port, Imbert at La Réserve. The beach is the new dining room.*
Industry3 min · 17 May 2026
Brickell Is the New Mayfair
And Vlad Doronin is the one quietly building it.
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