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Bruno Lespurque on Engineering Long-Term Value in the Lifestyle Hotel Market

2026-07-02 09:50 Insights Expert Column Thailand
The investment landscape for global hospitality is undergoing a structural evolution. For decades, property development followed a highly visual playbook: build a striking aesthetic, capitalize on immediate tourism flows, and expect the brand presence to float the asset indefinitely.

However, as the market moves through 2026, the lifespan of pure novelty has shortened dramatically. According to Bruno Lespurque, CEO of Mandison Hospitality, the real challenge facing modern hotel owners is not generating a brief initial buzz, but maintaining the long-term value of the asset. In an industry increasingly swept up by the lifestyle hotel movement, true sustainability relies on early operational alignment and strict financial discipline rather than short-term design trends.

Moving Past the Three-Year Trend: The Asset Value Lifecycle

A recurring failure point for inexperienced owners is investing capital based on two or three year market trends without an engineered long-term horizon. When a lifestyle hotel property launches without a rigorous asset management strategy, performance inevitably degrades after the initial honeymoon phase.
"What is most important for an owner is to focus on the long-term value of the asset, not just the excitement of opening day. A beautiful design may perform well for the first two or three years, but without proper CAPEX planning, a disciplined FF&E reserve, and early involvement of the operations team, the asset will inevitably lose momentum and value."
To protect a property's financial performance year after year, the operational management company must be brought on board during the earliest phases of development. This early integration allows operators to define the asset’s core target segmentation, establish its true positioning, and calculate lifecycle maintenance costs before construction begins. For Lespurque, a property's strategic lifecycle requires a disciplined internal timeline that moves from operator onboarding and positioning at year zero, through consistent service execution during years one to six, and culminates in a strategic concept refresh.
"A strong concept should remain commercially relevant for many years if it is properly maintained. However, most successful properties benefit from reviewing and refreshing their concept every six to eight years to remain competitive while preserving their identity."

The Concept Stronger Than Location: The Rise of Alternative Outdoor Models

The traditional hotel product is facing a significant disconnect from consumer demand, particularly among Millennials and younger generations who actively prioritize unique, localized experiences over standardized corporate services. This shift has given rise to high-yield alternative models, such as premium outdoor accommodations and ultra-luxury glamping within the lifestyle segment.

In this new paradigm, a highly defined concept can outperform a secondary location when supported by the right land economics, enabling developers to capture exceptional returns on investment (ROI) on low-cost or pre-owned land. However, Lespurque cautions that this equation relies entirely on matching the concept to the realities of land economics.
“In the outdoor accommodation and glamping sector, a well-defined lifestyle concept can often become the primary driver of demand, provided the land economics are right. These projects can generate excellent returns when developed on existing land banks or in emerging destinations where land costs remain attractive. On the other hand, developing a low-density glamping concept on premium beachfront land, such as in Phuket, rarely makes financial sense. The development model should always match the value of the land. Regardless of the physical product, the operational DNA must remain firmly anchored in the lifestyle segment.”
For investors seeking defensive, long-term plays, the current market offers three highly resilient hospitality archetypes: city hotels in premium locations that leverage integrated technology to improve operational efficiency, iconic high-end outdoor accommodations, and dedicated wellness-focused properties positioned in key gateway markets.

The Lifestyle Training Challenge: Friendly but Professional

While major international hotel groups are rapidly purchasing established niche brands to capture the growing lifestyle segment, executing these models day-to-day reveals a massive operational gap. The primary bottleneck is not the architecture; it is the human capital.
"People remain the biggest challenge. Lifestyle hospitality requires teams that are approachable, genuine and engaging without ever compromising professionalism. Unlike traditional five-star service, which tends to be more formal, lifestyle hospitality encourages a more natural interaction with guests while maintaining the same high service standards. Achieving that balance requires consistent training and a strong service culture."
The objective of lifestyle training is to create seamless, easy access for the guest, stripping away unnecessary operational friction. However, operators must instill a culture where a less formal approach never equates to a drop in standards.
"A relaxed atmosphere should never be mistaken for relaxed standards. Behind every effortless guest experience is a disciplined operation and a well-trained team. Maintaining high professional standards is essential, it simply has to be delivered in a more natural and approachable way."

Simplifying Commercial Architecture and Tech Stacks

When a lifestyle hotel begins to underperform relative to its competitive set, the instinctive reaction for many owners is to expand their distribution network, pushing the product across every available online channel and discounting the Average Daily Rate (ADR). Lespurque warns that this defensive maneuvering creates market confusion, dilutes the brand, and ultimately worsens the decline.

This philosophy of simplification applies directly to a property's digital infrastructure. While modern commercial strategies rely heavily on technology to improve efficiency and support leaner operations, layering disconnected platforms onto an asset creates operational complexity. A property's tech stack, including emerging artificial intelligence tools and automated customer service engines, must be fully integrated.
"Technology should simplify hotel operations, not make them more complex. Every additional platform adds training requirements, maintenance costs and operational complexity. The best technology is the one that works seamlessly in the background, allowing teams to focus on the guest experience rather than the system itself."

Clear Boundaries: The Owner-Operator Matrix

Ultimately, driving long-term value requires absolute transparency and communication between the asset owner and the management company. A critical piece of this relationship is acknowledging that while the operator brings the professional systems, the property remains the financial responsibility of the investor. Operators must act as expert advisors, highlighting risks and commercial opportunities without overstepping their executive scope.
"The operating company must always respect the owner's position because it is the owner's capital at stake, not its own. Our role is to provide expertise, identify risks, recommend the best course of action and execute professionally, while recognising that the final decision always belongs to the owner."
By maintaining consistent service delivery, protecting the guest promise, and backing the operation with a properly funded long-term capital expenditure strategy, owners and operators can ensure that their hospitality concepts remain profitable, relevant, and valuable for decades to come.
"Our responsibility is not simply to operate hotels. It is to protect and grow the long-term value of our owners' assets."

About Bruno Lespurque

Bruno Lespurque is the CEO of Mandison Hospitality, a hospitality management and development company specializing in boutique hotels, resorts, beach clubs, and eco-lodge projects. Bringing an extensive background across hotel operations, asset management, and development advisory, he works closely with regional investors across Southeast Asia on repositioning projects, management structuring, and commercial performance optimization.