Club Med aims to grow from 69 resorts to about 85 without owning the next wave, and its new financial structure explains why. The company being sold to public investors in Hong Kong is a brand and operating system that mostly does not own its resorts. Fosun, which bought Club Med in 2015, has faced challenges including the collapse of Thomas Cook in 2019. The IPO filing reveals the financial engineering behind its asset-light growth plan.
Fosun International-controlled Club Med Lifestyle Group reapplies for Hong Kong IPO, planning independent listing. The company focuses on premium all-inclusive resorts with asset-light operations, but faces challenges including declining net profit, high debt, and leasing risks.
Club Med Lifestyle Group, controlled by China's Fosun International, has filed for a Hong Kong IPO to spin off the iconic all-inclusive resort brand into a publicly traded company while Fosun retains control. The group operates 69 resorts, generating roughly $2.3 billion in revenue last year (up 4.8%) and about $453 million in adjusted EBITDA. Despite a multi-year premium repositioning, financials suggest limited pricing power and occupancy stuck near 62% for three years. This is Fosun's second attempt at public markets for the brand, following a 2018 listing and a March 2025 privatization. Proceeds would fund expansion toward ~85 resorts by 2030, including asset-light 'cultural tourism com…