Club Med Koh Samui breaks ground as ClubMed Lifestyle targets 85 resorts by 2030

Fosun International Limited (HKEX: 00656), through current subsidiary ClubMed Lifestyle Group, has marked the groundbreaking of the 303-room Club Med Exclusive Collection Koh Samui resort being developed with Central Capital Group in Thailand. The project on Koh Samui’s northern coast is scheduled to open during the second half of 2028 and will become the first Club Med Exclusive Collection resort in Thailand. The construction milestone arrives almost simultaneously with ClubMed Lifestyle Group’s application for a separate Hong Kong listing, which disclosed 2025 revenue of €1.95 billion, adjusted EBITDA of €390 million and an ambition to operate approximately 85 resorts worldwide by 2030. The Koh Samui project therefore provides a tangible example of the premium and asset-light expansion strategy that prospective ClubMed Lifestyle Group investors will soon be asked to evaluate. Fosun International Limited closed at HK$5.41 on August 28, up approximately 3.2% over five sessions and 25.2% over one month, while remaining about 6.6% below its 52-week high.

Why does the Club Med Koh Samui groundbreaking matter more after ClubMed Lifestyle filed for a Hong Kong listing?

Hotel groundbreakings are normally local development milestones, but the timing changes the significance of Club Med Koh Samui. ClubMed Lifestyle Group filed for a proposed Main Board listing in Hong Kong just as the Thailand project moved formally into construction, linking the resort directly to a much broader capital-markets growth story.

The listing materials show Club Med currently operating 69 premium resorts worldwide and targeting approximately 85 by 2030. That implies the group needs a steady pipeline of openings, conversions and redevelopments over the coming years. Koh Samui is therefore one of the physical assets through which the 2030 ambition must become reality.

The project also demonstrates the asset-light component of the strategy. Club Med is partnering with an external property investor and operator rather than funding and owning every element of the underlying resort real estate. This allows ClubMed Lifestyle Group to expand brand reach while limiting direct property capital.

For prospective IPO investors, asset-light growth can support higher returns on corporate capital if management fees and brand economics expand faster than the company’s own balance sheet. The trade-off is less control over development timelines and owner investment decisions.

Koh Samui will therefore be evaluated as more than a Thai resort. It is an early proof point for whether ClubMed Lifestyle Group can convert ambitious network targets into high-quality openings using external capital.

How does the 303-room Koh Samui resort support Club Med’s push toward premium all-inclusive travel?

The resort will sit within Club Med’s Exclusive Collection, which represents the higher end of the group’s product architecture. Premium all-inclusive hospitality combines accommodation, food, activities and selected experiences into a packaged price, allowing operators to capture a larger proportion of guest travel spending.

A 303-room property gives Club Med meaningful scale without turning the project into a mass-market resort complex. The site includes more than 200 metres of private beach and is approximately 25 minutes from Koh Samui Airport, creating the accessibility needed for international leisure demand.

The redevelopment will increase room capacity while upgrading existing guest rooms and public spaces, adding new dining concepts and incorporating family programmes. That mix is intended to capture couples, affluent families and multigenerational travellers rather than depend on a narrow luxury segment.

Premiumisation can improve revenue per guest, but it also raises customer expectations. Guests paying for an Exclusive Collection property will compare the resort not only with other all-inclusive operators but with high-end independent and branded hotels across Thailand.

Club Med’s advantage is its integrated activity model. Sports, children’s programmes, dining and entertainment can make the resort itself the primary destination rather than a base from which guests explore the island. That can support longer on-property spending capture.

The risk is that all-inclusive packaging limits pricing flexibility if food, labour or activity costs increase sharply. Strong revenue visibility is useful only when the package is priced high enough to protect margins.

Why is an asset-light management agreement attractive for Club Med and Central Capital Group?

Central Capital Group controls the underlying development exposure, while Club Med contributes its brand, operating system, distribution and resort expertise. This separates much of the property capital from the hospitality operating platform.

For ClubMed Lifestyle Group, that can accelerate global growth without committing equivalent capital to every new resort. Management and brand economics can scale more rapidly when third-party owners fund construction and redevelopment.

For Central Capital Group, Club Med provides a recognised international resort system and global customer base. The owner can potentially achieve stronger occupancy and pricing than an independent resort if the brand delivers enough distribution value to offset management fees.

The model also creates mutual dependence. Club Med needs the owner to complete construction on time and maintain the property at the required standard. Central Capital Group needs Club Med to deliver demand and operating performance.

Development delays would affect both parties differently. The owner carries more direct property and financing exposure, while Club Med loses expected management revenue and suffers pipeline slippage. This makes owner selection an important part of the asset-light model.

The most attractive management agreements therefore align capital responsibilities and long-term reinvestment. A hotel brand can be asset light without being execution light.

Can Koh Samui support another 303-room premium resort amid intense Thai luxury competition?

Koh Samui already attracts international leisure travellers and supports an established luxury hotel market. That provides evidence of demand but also means Club Med will enter a destination where consumers have substantial choice.

The resort’s all-inclusive format offers differentiation from properties that sell accommodation and services separately. Families may value the budgeting simplicity and activity programming, particularly on longer holidays.

Koh Samui’s airport access is another advantage because travellers can reach the resort without long ground transfers. Convenience matters disproportionately in family and premium leisure travel, where difficult transfers can undermine an otherwise attractive destination.

Seasonality remains a risk. Leisure islands experience fluctuations around weather, school calendars and source-market travel patterns. A 303-room resort needs enough year-round occupancy to cover significant staffing and property costs.

Infrastructure and environmental management will also matter. Island resorts depend on water, waste management, energy and transport systems that can become stressed as tourism expands. Premium travellers increasingly notice these issues even when they do not read sustainability reports over breakfast.

Competition could also pressure rates during weaker periods. Club Med must avoid relying on discounting to fill the property because sustained price promotions would weaken the economics of the Exclusive Collection positioning.

What does the 85-resort target imply for ClubMed Lifestyle Group after a potential IPO?

ClubMed Lifestyle Group generated €1.95 billion of revenue in 2025 and adjusted EBITDA of €390 million, producing an adjusted EBITDA margin of 20.2%. Those numbers give potential public-market investors a substantial operating base against which future growth can be measured.

The target of approximately 85 resorts by 2030 implies expansion beyond the current 69-property network. This is meaningful but not reckless if projects are diversified across owned, leased and asset-light structures.

A public listing could provide additional capital for resort-network expansion, product upgrades and digital investment. It could also create clearer valuation visibility around ClubMed Lifestyle Group within the much larger Fosun International Limited portfolio.

Public ownership brings new pressure. Investors will compare signed projects with actual openings, monitor revenue per resort and expect capital expenditure to generate measurable returns.

Asset-light growth could improve valuation quality because fee and management earnings are generally less capital intensive than owned-hotel earnings. However, the group still needs enough control over the guest experience to protect the Club Med brand.

The Koh Samui project will open before the 2030 target date and therefore sits squarely inside the period investors will use to judge management credibility. Delays at individual resorts become more meaningful when a quantified global target has been published.

How does Fosun International’s latest financial position affect the ClubMed Lifestyle strategy?

Fosun International Limited reported first-half 2026 revenue of RMB86.96 billion and profit attributable to parent shareholders of RMB1.72 billion, with attributable profit increasing 160.3%. Industrial operating profit increased 17% to RMB3.69 billion.

The group has simultaneously continued disposing of non-strategic and non-core assets, generating more than RMB12 billion of proceeds during the first half. Total debt as a proportion of total capital declined to 55.7%.

This backdrop makes the proposed ClubMed Lifestyle Group listing strategically consistent with a broader effort to simplify the portfolio and improve capital visibility. A separately listed hospitality platform can access capital independently while giving investors a clearer way to value the business.

The listing does not automatically mean Fosun International Limited will receive large cash proceeds, because the eventual transaction structure and share issuance will determine how capital flows. The more defensible conclusion is that separate listing creates financing optionality.

The parent company’s improved profit and declining leverage reduce the urgency for Club Med to behave purely as an asset-sale vehicle. That allows management to position the listing around growth rather than distress.

The key investor question is whether the tourism business can create enough stand-alone value to justify public-market scrutiny while remaining strategically connected to Fosun International Limited.

What does the recent Fosun International share-price rally say about market sentiment?

Fosun International Limited closed at HK$5.41 on August 28 compared with HK$5.24 on August 21, representing a gain of approximately 3.2% across the latest five-session comparison. Against the July 28 close of HK$4.32, the shares increased about 25.2% over one month.

The 52-week trading range is approximately HK$3.42 to HK$5.79. The latest price is therefore only around 6.6% below the high and roughly 58% above the low, indicating a significant improvement in sentiment.

The rally reflects more than the Koh Samui groundbreaking. Improved first-half profit, asset disposals, lower leverage and the proposed ClubMed Lifestyle Group listing provide several potential catalysts.

The hospitality listing could create a clearer valuation benchmark for one of Fosun International Limited’s internationally recognisable consumer assets. Investors may assign a different multiple to a focused premium-resort operator than to a diversified conglomerate.

The market now needs evidence that the listing and resort expansion actually improve value rather than simply rearrange corporate ownership. Stronger disclosure, disciplined development and successful openings such as Koh Samui will be central to that judgement.

What are the key takeaways from the Club Med Koh Samui groundbreaking and expansion strategy?

• Club Med has broken ground on a 303-room Exclusive Collection resort on Koh Samui scheduled to open during the second half of 2028.
• The property will be the first Club Med Exclusive Collection resort in Thailand.
• Central Capital Group is providing the property-development platform while Club Med contributes brand and operating capabilities.
• The project illustrates ClubMed Lifestyle Group’s asset-light expansion model shortly after its proposed Hong Kong listing application.
• ClubMed Lifestyle Group currently operates 69 premium resorts and expects to reach approximately 85 worldwide by 2030.
• 2025 revenue of €1.95 billion and adjusted EBITDA of €390 million give prospective investors a meaningful base against which expansion can be measured.
• Koh Samui offers strong international leisure demand but also intense luxury competition, seasonality and island infrastructure risk.
• Fosun International Limited’s first-half profit improvement and lower leverage create a more supportive backdrop for the separate listing strategy.
• Fosun shares have gained approximately 25% over one month and now trade relatively close to their 52-week high.
• The strategic test is whether asset-light resort expansion converts external property investment into durable fee growth without weakening brand standards.