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Voyage EdgeMACALLAN 1926April 28, 20262 min readAd-free
Soho Farmhouse Opens $40M Ibiza Retreat as Parent Group Completes $2.7B Take-Private
First international Farmhouse property lands days after Membership Collective Group exits public markets—timing signals portfolio repositioning ahead of wellness expansion.
First international Farmhouse tests whether **€1,100** ADR wellness format can scale independently of urban House density—**Q3** performance will determine second-site timing.
$2.7 billion
merger to return to private ownership
40-acre
site marks the first test of whether the Farmhouse…
18%
of UK revenue
63 rooms
three restaurants
Soho Farmhouse opened its Ibiza property this week, the brand's first countryside retreat outside the UK, as parent Membership Collective Group closed a $2.7 billion merger to return to private ownership. The 40-acre site marks the first test of whether the Farmhouse format—higher check averages, multi-day stays, members-plus-guests inventory—can scale beyond the Oxfordshire original that still accounts for roughly 18% of UK revenue.
The Ibiza property includes 63 rooms, three restaurants, a 12,000-square-foot spa, and outdoor programming weighted toward movement classes and chef-led foraging. Rack rates start at €950 per night for members, €1,200 for guests. The company declined to specify sellable room nights or RevPAR targets, but comparable Mediterranean wellness retreats—Six Senses Ibiza, Atzaró—run 72-78% annual occupancy at €800-1,100 ADR. At 75% occupancy, the Ibiza Farmhouse would generate roughly €16-18 million in rooms revenue alone, before food, beverage, spa, and programming.
The timing matters. Membership Collective Group went public in July 2021 at $14 per share, traded as low as $2.12 in 2023, and agreed in January 2025 to a take-private led by existing investor Ron Burkle at $9 per share. Ashton Kutcher joined the board as part of the transaction. The Ibiza opening—announced publicly but soft-launched to Farmhouse members in December—was held until the merger closed, signaling the new private structure intends to use the property as proof of concept for additional Farmhouse sites without quarterly earnings pressure. The original Soho Farmhouse in Oxfordshire opened in 2015, took four years to reach sustained profitability, and now operates near 80% occupancy year-round.
The play is format arbitrage. Soho House city clubs run 120-180 rooms when they include accommodations, turn tables 2.5-3 times nightly, and depend on local membership density. Farmhouse properties lock guests for 2-4 nights, command 30-40% higher room rates, and monetize wellness programming at €150-400 per experience. The Ibiza property is priced closer to €1,100 blended ADR than the €600-700 typical of Soho House Berlin or Amsterdam rooms. If the model works, the group can place Farmhouse properties in Provence, Comporta, or the Cotswolds with less reliance on urban membership critical mass.
Operators should watch Q3 2025 occupancy and ADR disclosure, assuming the private entity maintains selective metrics for debt covenants. The group carries roughly $650 million in net debt after the merger. A second Farmhouse site—likely announced by Q4 2025 if Ibiza performs—would confirm the format as the primary international vehicle. Family offices and hospitality developers should note that Farmhouse properties require 30-50 acres, full F&B infrastructure, and €50-70 million development cost, making them viable only in markets where land can be secured below €2 million per acre and where regulatory environment permits multi-use agricultural hospitality.
The Ibiza property sold 400 founding memberships at €3,500 each before opening, generating €1.4 million in upfront capital and establishing a local member base that reduces dependence on traveling House members. That metric—local attachment rate—will determine whether Farmhouse can become a standalone brand or remains dependent on the broader Soho House ecosystem for demand. The company operates 43 Houses globally and roughly 230,000 members. The Ibiza site is the 44th location and the second Farmhouse. The third will clarify intent.
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