Single Founding Round, Accredited Investors Only · The residences fund the build and run as managed hospitality; the retained club plus that layer is what you own
$8.0M
Equity Round into HoldCo
~30%
Of the Retained Club + Platform
$18.7M
Pre-Money Valuation
~4.3x
Base MOIC, 7-Year Hold
~29%
Base IRR, Pre-Tax
01 / 23
The Opportunity
A members club is the asset. The residences fund the build, then keep earning.
The offer: a 30% interest in a recurring-revenue members club, not a property trade. The Line is an ultra-luxury wellness and social club whose membership revenue compounds like an operating business and exits at an operating-business multiple. Its first site, a 40-are HGB freehold parcel in the Seseh-Munggu corridor, carries the flagship club and a capped enclave of 18 members-only residences. The residence pre-sales recapitalize the build and de-risk the equity, then run as a recurring managed-residence hospitality business; the retained club plus that hospitality layer is what the investor owns. Bali is site one of a deliberately replicable, multi-market platform, and a 30% holder participates in every market that follows.
The 18 Line Residences are the financing mechanism. Pre-sold off-plan to qualified members, their staged milestone payments fund the construction of both the residences and, in part, the club, so that outside equity is not consumed building inventory. Residence pre-sales make the build self-funding and then earn as managed hospitality; the retained club drives the core return; the platform extends it across markets. A future ADRIFT beachfront hotel remains an optional, separately-capitalized expansion, explicitly out of this raise.
This round asks for $8.0M into the holding company at an $18.7M pre-money for approximately 30%, right-sized to fund land acquisition, the club build, and club working capital through breakeven, the things residence pre-sales cannot fund. The base case returns roughly 4.3× over a seven-year hold (~29% IRR, pre-tax), with a bear case near 2.9× and an upside near 5.9×. Every figure here is grounded in third-party diligence.
Equity Round
$8M
~30% equity, $18.7M pre-money
Base MOIC / IRR
~4.3x / ~29%
7-year hold, pre-tax. Range 2.9 to 5.9×
Club Y5 EBITDA
~$4.5M
The asset you own
Residence Pre-Sales
~$23M
18 members-only units; fund the build, then a managed-rental pool
Multi-Market Platform
The Prize
Co-invest priority on every site that follows
Operating EV (base)
~$68M
Club + residence-hospitality EBITDA × 12×; Soho House ~16×
02 / 23
The Problem
High performers in Bali have nowhere to operate at their level.
Bali has attracted one of the most concentrated populations of high output founders, executives, athletes, and creative directors in Southeast Asia. What it has not built is the infrastructure to match them.
Co working spaces are interchangeable. Gyms are equipment showrooms. Luxury hotels are tourist products optimized for nightly turnover, not for the resident base. There is no integrated environment where community, work, training, and recovery reinforce each other as a single system.
The target member is currently spending $625 to $1,020 per month across four or five separate memberships to approximate what one venue should deliver. They are paying more and getting less. The same corridor has no members-only home for the resident HNW base, and no integrated wellness-and-social club priced and programmed for them rather than for nightly hotel turnover.
Fragmented
Members cobble together four separate memberships to replicate what one venue should deliver. There is no integrated solution in the market.
Transactional
Existing facilities optimize for throughput, not outcomes or community. The Soho House model has not been applied to performance and wellness in Bali.
Underbuilt
No venue in Bali combines cultural programming, hospitality grade F&B, professional workspace, competition grade training, and recovery under one roof. Adjacent luxury hotels do not absorb the resident base.
Capital Inefficient
Most Bali hospitality projects raise $30M to $40M of equity and bet the entire thesis on day one. Here the 18 members-only residences pre-sell to fund the build, so outside equity mainly buys the retained club, not inventory.
03 / 23
The Vision
One freehold site. The club is the asset. The residences fund it.
The Line, Members Club · the asset
Performance, Recovery, Community
A private members club anchored on five integrated verticals, with capacity to ~1,500 members. Application based. No filming policy. Soho House style cultural programming layered with competition grade training, an Aufguss bathhouse, and Michelin direction in F&B. Recurring membership revenue compounds from the day the doors open, and is what the investor owns at exit.
~$4.5M
Y5 EBITDA
~40%
Stabilized EBITDA Margin
~53%
Recurring Membership Dues
Line Residences · the financing engine
18 Members-Only Units
18 members-only residences on the same 40-are freehold parcel, pre-sold off-plan to qualified members. Their staged milestone payments fund the construction of both the residences and, in part, the club, so outside equity is not consumed building inventory. Priced honestly to local comps, the pre-sales roughly pay for the build; once built, all 18 run as a managed-residence hospitality business (~$1.2M Y5 EBITDA) that earns the club's operating multiple, leaving the investor owning a share of an operating campus whose construction bridge is repaid before distributions. A future ADRIFT beachfront hotel is an optional, separately-capitalized expansion, out of this raise.
18
Units (capped)
~$4,460
Per m² (blended)
~$23M
Gross Pre-Sales
04 / 23
The Platform Thesis
Bali is the proof of concept. The platform is the prize.
The Line is designed as a scalable operating system, not a single venue. Membership architecture, performance and longevity programming, Michelin grade F&B, and integrated workspace deploy under one brand. Each location is independently capitalized, but shares one platform, one member network, and one operating standard. Bali is site one of a deliberately replicable, multi-market roll out that compounds member transferability, brand authority, and exit optionality with every club added. The IP, the playbook, the member system, and the brand sit at the master HoldCo. The base-case return owns one club. The platform return owns a brand. The platform is the prize.
Optionality, not promised value. The multi-market ambition is credible only once the unit economics are proven at site one, which is why it is structured as real optionality rather than underwritten value: each new club is its own raise, and Bali investors receive co-invest priority on subsequent markets rather than exposure to their construction risk. Backing site one is backing the platform's first proof point, on the best terms it will ever offer.
Reference Set, Lifestyle Hospitality at Scale
Soho House
200K+ members, 40+ houses globally
$2.7B take private
MCR / Apollo, Jan 2026, at ~16x EBITDA. Membership architecture is the multiple expander vs hotel comp set. The Line base applies a conservative 12×.
Aman
32 hotels, ultra luxury benchmark
$3.0B+ valuation
Branded residence overlay drives terminal value. Proves that APAC can lead the global lifestyle hospitality category at the top end.
Six Senses
22 properties, wellness anchor
$300M+ to IHG
Branded operator pathway. Demonstrates strategic exit demand for wellness anchored lifestyle hotels at scale.
Equinox Hotels
Performance led hospitality
$30M to $50M / key
Validates the performance and longevity hotel category. Members club spine not yet integrated, the white space we occupy.
Roll Out Roadmap, APAC First Then Global
Site 01, Now
Bali
Seseh, Indonesia. Members club + 18 members-only residences on a 40-are HGB freehold parcel. Club opens 2029.
Market 02, 2031+
Chiang Mai
Digital nomad capital of SEA. Long stay professional density. Entry market for the platform.
Market 03
Bangkok
Regional HQ for SEA. APAC HNW gravity center. Club-led, residences where the site supports them.
Market 04
Hong Kong
Highest density of HNW per square km in APAC. Corporate membership volume from day one.
Aman precedent. Highest design and service standards in the region. Brand authority anchor.
Market 07
Lisbon
European entry. Bridges APAC platform to global member network. Founder relocation magnet.
Market 08
Tulum
Americas entry. Closes the global loop. Premium wellness corridor with established HNW base.
Each property is independently capitalized as a separate vehicle, ring fenced from sister sites. The master HoldCo owns the brand, member system, and operating IP. This round's investors hold equity in the master platform and receive co invest priority on every subsequent property at preferred terms.
05 / 23
The Site, Main Seseh Corridor
Pink Zone, main road frontage, 200 m to the beach.
40 are (4,000 m²) of Pink Zone tourism land on the main commercial artery of Seseh, Jalan Raya Seseh. Sub Zona W Pariwisata, Badung Regency. The September 2025 moratorium freezes new tourism builds on agricultural land, tightening permitted supply across the south; the target parcels sit in the tourism (W) sub-zone, with a written zoning and permit-pathway opinion in progress.
Inland by design. The Line is a destination, not a beach club. Members come to train and recover. The beach is a 3 minute walk, the main road is the front door. The 450 m proximity to the future Anantara Dragon Seseh, a 235 unit ultra luxury development, validates the corridor without competing for the same customer.
Land is a forward acquisition, not a secured asset. The 40 are freehold target is identified but not yet under LOI or contract; the LOI is the first use of funds and the first gate. PT Third Spaces Consulting is the registered Indonesian PMA. Acquisition is via pelepasan hak from existing SHM into a fresh HGB grant held by the PMA. No construction capital is committed until the parcel is controlled and entitled on clean title, confirmed zoning, and a price at or below the underwritten target.
40 are
4,000 m² total parcel, HGB freehold. KDB 50%, KLB 2.0, KDH 30%, height cap 15 m. Program uses ~96% of the 8,000 m² envelope: club 2,500 m² + residences 5,200 m².
~$3.0M
Target land acquisition cost (~IDR 1.3 B per are × 40), to be locked at LOI, plus ~$0.3M acquisition costs (BPHTB, notary, legal, HGB perfection). Forward acquisition, gated on clean diligence.
Pink Zone
Sub Zona W Pariwisata under Perda Bali 3/2026. Permits hotel, villa, restaurant, MICE. The September 2025 moratorium targets tourism builds on agricultural land; a written zoning and permit-pathway opinion on the W-zone target is in progress.
200 m
Walking distance to Pantai Seseh. Main road frontage on Jalan Raya Seseh delivers the genuine 30 to 60% commercial premium without paying the beachfront tax.
450 m
Distance to Anantara Dragon Seseh (235 ultra luxury units, opening 2027). Brand adjacency without head to head competition.
Site Location, Main Seseh Corridor
06 / 23
The Integrated Model
Five verticals. One membership. One address.
Application based. Capped at 1,500 physical members at full ramp. No filming policy. Members anchor a single campus spine, with utilization spread across the day and the week, smoothing the seasonality that punishes single-use venues.
01
Social & Cultural
Curated programming, art, dialogue. Cohort building through shared experience. Community by design, not by calendar. Five formats programmed weekly.
02
Culinary & Nutrition
Michelin starred culinary direction from David Myers (ADRIFT portfolio, 21 restaurants). Ora, the member restaurant, anchors daily dining.
03
Performance Training
Competition grade functional fitness. Cohort sessions programmed by Justin Fallon (7x Regional, competitive functional fitness) and Inge de Bruijn (4x Olympic Gold).
04
Contrast Therapy
Cold plunge, steam, traditional sauna, and the Aufguss ceremony led by a certified Sauna Master. Recovery as ritual, not amenity. Bathhouse design referenced to Bathhouse Flatiron.
05
Private Workspace
Private offices, open desks, meeting rooms. Quiet by design. Built for deep work between sessions, not hot desking. Listening Library anchors the cultural floor.
07 / 23
The Residences
Eighteen residences. Owned by members. Open to members.
A capped, members-only enclave of eighteen residences in its own building on the same Seseh campus as the club. A separate structure a short walk across the grounds, not a tower stacked above the club. Owned only by members, with a resale covenant that keeps every home inside the community, and never more than eighteen.
18 units
A fixed, capped enclave: ten pied-à-terre and eight family homes, members-only ownership with a resale covenant that keeps every unit inside the community.
200 m²
Each pied-à-terre. A one-bedroom lock-up-and-leave format: open-plan living and dining, a full kitchen, an en-suite bedroom, and a private terrace.
400 m²
Each family home. The larger format: two to three bedrooms, family-scale living, dining and kitchen, and generous private outdoor space.
5,200 m²
Total residential GFA across the eighteen units, alongside 2,500 m² of club, on the 40 are campus.
Access to the club. The residences have their own private lobby and direct, members-only access to The Line a few steps across the campus: the Training Ground, the bathhouse, the restaurant, and the kitchens. Founding-tier club membership is bundled for every owner. Each residence is enrolled by default, opt-out, in a managed-residence programme: members visiting from outside Bali book a serviced Line Residence, stocked, housekept, and steps from the club rather than a hotel across town, and owners place their home in the same pool while they travel.
08 / 23
Market Opportunity
Sized from the serviceable niche down, not the headline up.
TAM
$4.56B
SE Asian Fitness and Wellness Market. 9.24% CAGR. The total addressable category.
SAM
$253.8M
Addressable revenue from the premium Bali target demographic. Filtered for long stay, high income, performance oriented residents and HNW luxury travelers.
SOM
~$11.3M
Year 5 stabilized obtainable club revenue, base case ~830 members. Membership dues are ~53% of revenue, the recurring base that drives the Soho House comp premium at exit.
Market sizing anchored in the long stay resident population of 4,000 to 7,000 in the Canggu, Seseh, Pererenan corridor. Annual tourist volume is not used as TAM for the members club. Base case is ~830 paying members at Year 5 (bear ~550 / upside ~1,140 avg); the club breaks even at ~295 members, so it is profitable well below target.
09 / 23
Member Acquisition
Bottoms up. Cohort by cohort. Source by source.
Membership is built cohort by cohort from named sources, not as a market-share assumption against a headline TAM, with churn modeled at 1.3% per month (the Soho House public benchmark) and acquisition cost paid back in under six months from the upfront joining fee. The base case stabilizes at ~830 paying members by Year 5 (bear ~550); the ~1,500 column below is the upside cap-lift case, reached only if the data supports it.
Source Cohort
Founding Y0
Year 1
Year 2
Year 3
Year 5 (upside cap)
Singapore HNW & family offices (Ian + Tsoler network)
40
110
180
230
310
Bali long-stay resident professionals (founder, exec, creative)
55
180
290
360
490
HK + Tokyo expat network (corporate & finance)
20
70
130
180
240
ADRIFT / David Myers global culinary network
15
50
85
110
150
Athlete & performance community (Justin, Inge, Olympic alumni)
10
40
75
100
140
Founding members already soft-circled, $1M+ EOIs
10
20
30
30
30
Walk-in & referral (member-of-member, 35% of net new from Y2)
0
30
110
190
340
Gross adds, cumulative
150
500
900
1,200
1,700
Churn at 1.3% per month, run rate
n/a
(35)
(105)
(180)
(200)
Net active members, end of period
150
465
795
1,020
1,500
TAM, Conservative
4,000
Resident base low end. 1,500 cap = 37.5% share. Held at 1,000 in Y1-Y2 = 25% share.
TAM, Mid
5,500
Mid resident base. 1,500 cap = 27% share. Within international Soho House market-share precedents (London, Berlin, Mumbai).
TAM, Upper
7,000
Upper resident base. 1,500 cap = 21% share.
Base / Breakeven
~830 / ~295
Base-case Y5 members vs breakeven. Profitable from Year 1; bear case ~550 still clears breakeven comfortably.
Founding EOIs
$1M+
Soft-circled prior to formal round launch. Names disclosed in data room under NDA.
Adjacent Competition
Differentiated
Potato Head (event), COMO Uma (hotel-led), Six Senses Uluwatu (pure hotel). No integrated members-plus-hospitality incumbent operates in Bali. The Line is the category creator locally.
Sanity check on the base case. At ~830 paying members, blended joining fees recover member-acquisition cost at signing (LTV:CAC ~11× to ~20×, CAC payback under six months), and membership dues at ~53% of revenue make the great majority of club revenue recurring. The single largest operating risk is the ramp itself: today's documented prospect pipeline is materially smaller than ~830 and must be built. Breakeven at ~295 members is the floor that keeps the asset profitable well below target.
10 / 23
Sequencing & Gates
Each commitment gated on a milestone. Land before build. Sales before spec.
A single $8M equity round funds the club, the land, and working capital through breakeven. The 18 members-only residences pre-sell off-plan and are built in tranches against confirmed sales, so their staged milestone payments fund the residence build and backfill the club, not outside equity. The club and residences share one 40 are HGB freehold site and one 8,000 m² envelope. A future ADRIFT beachfront hotel is an optional, separately-capitalized expansion, out of this raise.
Gate 0
Lock the Deal
Q2 to Q3 2026
Founder Capital$0.35M (spent)
Decision GateTitle + Zoning Clean
RiskLow
Pull fresh PKKPR plus title diligence on PT Third Spaces' name to clear the LP2B and Mengwi RDTR overlay risk. Initiate the LOI on the 40 are freehold parcel at ~IDR 1.3 B per are with conditional precedents and escrow (PPJB structure, not direct AJB). Already founder-funded ($0.35M: DD, PT PMA, legal).
Gate 1, Now
Round Close + Land Acquisition
Q2 to Q4 2026
Equity Round$8.0M
Land~$3.0M
Owns~30% of HoldCo
Decision GateClean HGB title + price at/below target
$8M closes; the round funds the club, the land, and working capital through breakeven. Acquire the 40 are freehold parcel on clean diligence. Single architect engaged across club + residences; PBG entitlement begins. No construction capital is committed until the parcel is controlled and entitled. Founder co-invests $0.40M on the same terms as investors ($0.75M total).
Launch the 18 members-only Line Residences off-plan to qualified members (target ~30 to 40% pre-sold before groundbreaking). Club + Phase-1 residence groundbreaking on the gate. Residences built in tranches against confirmed sales, no unsold inventory on spec. 25% signing payments in escrow on signed PPJB begin funding draws for both the residences and, in part, the club.
Gate 3
Club Opens + Residence Handover Collections
2029
Milestones + handover~$17.4M (75%)
Club OpensQ1 2029
ThenCapital return + 8% preferred
The Line Club opens; members move in and the operating brand validates remaining residence sales. Residences complete (~Q4 2029) with staged collections closed out and the facility repaid, beginning capital return and the 8% preferred from residence margin + club cash. A future ADRIFT beachfront hotel is an optional, separately-capitalized future market, funded by its own pre-sales and debt, with no additional equity from this round.
11 / 23
The Asset, This Round
The Line. The club is what you own.
This round acquires the land and builds the members club. The club is the recurring-revenue engine that proves the cohort, the brand, and the operating model, and it is what the investor owns at exit. Its value rests on recurring membership dues, high retention, and an operating-business exit multiple, not on the residences.
What gets built
Members Club facility, ~2,500 m² gross, sized for ~1,500 capacity
Training Ground, performance floor plus Pilates, yoga, boxing studios, 2 to 3 private training rooms
Bathhouse, cold plunge, hot plunge, traditional plus infrared saunas, steam, Aufguss
Wellness, 6 to 8 treatment rooms, longevity and diagnostics wing
F&B, member restaurant, all day cafe, rooftop bar, ground floor Grab and Go open to public
Workspace, private offices, open desks, meeting rooms
Cultural, Listening Library, Thought Wall, 80 to 150 seat events space
Club economics
Equity round, $8M, single round, no follow-on
Land, ~$3.0M (40 are at ~IDR 1.3 B/are) + ~$0.3M acquisition costs
Club build, ~$5.0M (2,500 m² at top-of-range $2,000/m²; bottom-up runs lower)
Open, Q1 2029
Break even, ~295 members, profitable from Year 1
Members at Y5 (base), ~830 (bear ~550 / upside ~1,140 avg)
Y5 revenue, ~$11.3M; dues ~53%; gross margin 55%+
Y5 EBITDA, ~$4.5M, ~40% margin
Exit, ~$54M club EV at 12×; ~$68M operating EV incl. residence hospitality (see Returns)
Materials, lighting, spatial language, and the visual system that anchors The Line x ADRIFT campus. Curated reference set, opens in a new tab.
12 / 23
The Financing Engine
Line Residences. They fund the build, then keep earning.
18 members-only residences on the same 40 are HGB freehold parcel as the club. Pre-sold off-plan to qualified members, their staged milestone payments fund the construction of both the residences and, in part, the club, so outside equity is not consumed building inventory. At defensible pricing the pre-sales roughly pay for the build, not a windfall, but the residences do not stop there: once built, The Line operates all 18 as a managed-residence hospitality business (the Soho Beach House model), a recurring stream that earns the club's operating multiple. They are built in tranches against confirmed sales, with no unsold inventory on spec.
HGB tenure, 30 + 20 + 30 years via PT PMA, deliverable because the land is held HGB freehold
Founding-tier Line membership bundled for Years 1 to 5; direct members-only club access a short walk across the campus, via the residences' own lobby
Managed rental pool, all 18 units enrolled by default (opt-out), operated hotel-style; net split 60/40 pied-à-terre, 70/30 family (owner/operator), with reserved owner-use weeks; annual service charge ~$45/m²
Residence economics
Blended price, ~$4,460/m²
Gross sellout, ~$23.2M base (bear ~$17.6M / upside ~$26.7M at ~$5,100/m²)
Pre-sale structure, staged 25/30/30/15 collections: ~$5.8M at signing, ~$13.9M at structure and fit-out milestones, ~$3.9M at handover
Role, pre-sales recapitalize the residence build and backfill the club (no large pre-sale surplus); the managed pool then earns recurring hospitality EBITDA
Pricing band, club-integration premium to local product (~$1,700-2,400/m²), at or below branded beachfront comps
Gate, ~30-40% pre-sold before groundbreaking; phased build against confirmed sales
Gross Pre-Sales (base)
~$23M
Units (capped)
18
Residence hospitality, recurring
All 18 units in a managed rental pool, default opt-out, operated hotel-style (reservations, housekeeping, F&B, guest services), the Soho Beach House model, capital-light on sold units
~55% occupancy; ADR ~$700 pied-à-terre / ~$1,700 family; ~30% operating costs netted before the split
Net split, 60/40 on pied-à-terre and 70/30 on family (owner/operator); The Line's net operator share ~$1.0M
Managed services + service charge ~$0.2M (building service-charge margin, maintenance, concierge; no double-count with rental housekeeping/F&B)
Residence-hospitality EBITDA ~$1.2M Y5 (bear ~$0.8M / upside ~$1.6M); earns the club's operating multiple and partially hedges the membership ramp
Owner economics, total return
Pied-à-terre ($1.04M, 60/40), net cash yield ~5.7% + appreciation ~6-8% = ~12-14% total return
Family ($1.60M, 70/30), net cash yield ~10.5% + appreciation ~6-8% = ~16-18% total return
Underwritten on total return (target band 12-15%), not cash yield alone; net cash yield ~6-9% is the conservative floor, appreciation is upside, not the headline
Plus bundled founding-tier Line membership (Years 1-5) and reserved owner-use weeks
Residence Hospitality EBITDA (Y5)
~$1.2M
Owner Total Return
~12-15%
Why the pricing holds: only 18 units will ever exist, with members-only resale; direct ownership access to a club no competitor can match; a corridor premiumizing fast (Regent Canggu ~$760 ADR; Mandarin Oriental and Anantara both 2027). At ~$4,460/m² the residences sit in the club-integrated branded band between premium-local and branded-beachfront, subject to broker validation against live comparables before launch.
13 / 23
Unit Economics
Strong economics at every tier.
11:1 to 20:1
LTV to CAC Ratio
CAC $944 to $1,379 by tier; joining fees recover acquisition cost at signing.
55%+
Blended Gross Margin
1.3% monthly churn. Membership dues carry ~95% incremental margin.
295
Members to Break Even
~33% of the ~830 base-case Y5 count. Profitable from Year 1.
< 6 mo
CAC Payback Period
Upfront joining fees $1,500 to $25,000 by tier cover acquisition cost at signing.
~53%
Recurring Membership Dues
Of club revenue at stabilization. The recurring base that drives the Soho House comp premium.
~40%
Stabilized EBITDA Margin
Ramps from ~24% in Year 1 to stabilized. ~$4.5M Y5 EBITDA.
~$4.5M
Y5 EBITDA
Stabilized club cash earnings; the club alone exits at 12× → ~$54M (operating EV ~$68M incl. residence hospitality).
~830
Base-Case Members, Y5
Bear ~550 / upside ~1,140 avg. Capacity to ~1,500.
Membership dues are the core economic engine. Dues carry ~95% incremental margin and compound through the exit multiple, and the tier structure, including a capped ultra-tier, keeps the net-of-structure IRR (~25 to 26%) clear of a 15% hurdle while honoring the price-lock promise (which applies to monthly dues, not joining fees). The base case delivers Y5 EBITDA of ~$4.5M and a base IRR of ~29%.
Tier
Join
Monthly
Cap
Rationale
Founding
$1,500
$350
150
Social proof for Charter and Regular, not a revenue line.
Charter
$3,500
$280
175
Early-cohort access; the price-lock applies to the monthly.
Regular
$4,500
$395
~635
At peer median. All-in Y1 ~$9,240, below Six Senses Place London.
Founders Reserve
$25,000
$1,250
40
4% of seats → ~12% of recurring dues; first right on residence pre-sales.
Remote / Corporate
$0
$110
Uncapped
~90%-margin digital tier; travels across markets as platform revenue.
Base case (~830)
~$4.5M/yr dues + ~$5.3M joining fees
Capped tiers, gross. Y5 EBITDA ~$4.5M; base IRR ~29%.
Base-case contribution is gross seat-math across the four capped tiers at the ~830-member base; joining fees are cumulative through Year 5. The uncapped Remote / Corporate tier carries the balance of the ~53% recurring share (total dues ~$5.9M, ~53% of Year-5 revenue).
14 / 23
Financial Projections
Profitable in Year 1. Compounding through Year 7.
~$11.3M
Year 5 Club Revenue
Base case, ~830 members
~$4.5M
Year 5 Club EBITDA
~40% margin
~53%
Recurring Membership Dues
Drives Soho House comp premium
~$54M
Club Exit EV (base)
At 12× stabilized EBITDA
2029 Club Opens (Y1)
2030 Y2 Ramp
2031 Y3 Ramp
2032 Y4
2033 Y5 Stabilized
Club revenue (base)
$5.4M
$7.1M
$8.9M
$10.9M
$11.3M
of which membership dues
~35%
~39%
~44%
~48%
~53%
Total club revenue
$5.4M
$7.1M
$8.9M
$10.9M
$11.3M
Operating costs
($4.1M)
($4.8M)
($5.7M)
($7.0M)
($6.8M)
EBITDA
$1.3M
$2.3M
$3.3M
$3.9M
$4.5M
EBITDA margin
~24%
~33%
~37%
~36%
~40%
Club-only base case, ~830 members at Y5; bottom-up model, profitable from Year 1, breakeven ~295 members, Y5 EBITDA ~$4.5M. The 18 residences are not shown as club revenue: their ~$23M of staged collections are a one-time financing event that funds the build and an early capital return; the residences' separate recurring income, the managed-residence hospitality layer (~$1.2M Y5 EBITDA), is shown apart from this club P&L. Bear case ramps to ~550 members (Y5 EBITDA ~$3.0M); upside averages ~1,140 toward the 1,500 cap (~$5.8M). A future ADRIFT hotel would be separately capitalized and is not in these figures.
15 / 23
Expected Returns
Base ~4.3× / ~29% IRR on the retained operating business, 7 year hold.
$8M for ~30% of the HoldCo · Single Round, No Follow-On · 7-Year Hold to ~2033 · Return = the retained club + residence-hospitality layer + early capital return from residence collections
10x EBITDA
Exit Multiple
~18%
Investor IRR
~2.9x
MOIC
Bear (~$38M operating EV)
Scenario
12x EBITDA
Exit Multiple
~29%
Investor IRR
~4.3x
MOIC
Base (~$68M operating EV)
Scenario
14x EBITDA
Exit Multiple
~37%
Investor IRR
~5.9x
MOIC
Upside (~$103M operating EV)
Scenario
~16x EBITDA
Soho House Reference
n/a
Take-Private Comp
$2.7B
MCR / Apollo, Jan 2026
The Line base discounts to 12×
Reference
~25-26%
Net-of-Structure IRR
8% pref
Downside Protection
~4.3x
Base MOIC
Base, after cross-border tax
Net View
The return is ownership of the retained ~30% of the operating business, the club plus the managed-residence hospitality layer, realized at a future liquidity event, plus distributions and a partial early capital return from residence collections. Base case applies a 12× multiple to stabilized operating EBITDA (~$5.7M = club ~$4.5M + residence hospitality ~$1.2M), a deliberate discount to Soho House's ~16× January 2026 take-private (MCR / Apollo, $2.7B); 10× and 14× bound the range. Most of the base-case return is the retained operating business; residence collections through 2029 recover a meaningful portion of capital and fund the 8% cumulative preferred, with operating cash funding distributions from Year 5. Payback: investor capital is fully returned during 2031, Year 5 of the hold, with the accrued preferred cleared by 2032, ahead of the 2033 exit. Net-of-structure IRR runs ~3-4 points below the pre-tax figure (~25-26% net). The base case delivers ~4.3× / ~29%. Platform co-invest optionality sits on top of these figures.
Exit Pathways at Bali Asset Level (multiple buyer pools)
MCR + Apollo (Soho House), Brookfield, KSL, Blackstone Hospitality. Member spine commands the multiple expansion.
Family Office Consortium
APAC multi family offices and TREC style hospitality value add platforms targeting lifestyle yield plus appreciation.
Refinance + Hold
Senior debt at 65% LTV at stabilization, recap distributions to investors, retain platform for future asset roll up exit.
All projections are management estimates and are not guaranteed. Full financial model, comp set, and operator interest letters available in the data room. This is not financial advice.
16 / 23
Brand, Operator, Validation
Paper trail in place. Real, named agreements in progress.
Chef-driven brand attachments unwind under stress unless the documentation is real and the principal has skin. Below is the status of the brand-license, operator, and third-party validation paper trail. All items are either executed, in late-stage drafting, or scheduled with named counterparties before the round closes.
ADRIFT Brand License
David Myers, F&B and Hospitality Director
Status. Heads of Terms agreed; long-form brand-license agreement in late-stage drafting with counsel both sides. Target execution before the round closes.
Royalty structure. 3% of club F&B gross revenue, paid quarterly in arrears (a 1% royalty on hotel revenue would attach only to a future, separately-capitalized ADRIFT hotel). Caps and floors negotiated with rolling 24-month minimum guarantee.
Exclusivity radius. 15 km exclusion zone around the Bali property for any new ADRIFT brand activation. Continued exclusivity contingent on minimum-guarantee performance.
Equity skin. 2 to 4% founder-share carry vests over five years, cliff at year two, accelerator on platform exit. David is an equity participant, not a paid endorser. This is the alignment institutional family offices want to see, and it is in writing.
Operator & GC Documentation
Build, operate, validate
General Contractor. Two GCs shortlisted, both with 15+ year Bali ultra-luxury track records. Fixed-price GMP contract structure to be locked at round close. Founder personally signed off on each GC's prior delivery on a comparable build.
Operating partner, opening team. JPA Worldwide engaged as opening operations advisor. GM hire targeted four months pre-opening. Documented SOPs and structured leadership team reduce single-point-of-failure exposure.
Architect. Three studios shortlisted for site studies and feasibility across the club and residences (per the architectural design brief). Final appointment in parallel with round close, a single architect across both. Bali executive architect for delivery and regulatory coordination.
Third-Party Feasibility
Stamped, by name
Internal feasibility. Rainer Frey (project finance) owns the financial model. This is the working basis but not the institutional instrument.
Third-party validation. Membership demand and absorption sense-check, broker comp validation of residence pricing against live branded comparables, and AMDAL screening before the round closes. A stamped Horwath HTL or JLL Hotels APAC feasibility would only be required for a future, separately-capitalized ADRIFT hotel.
Available in the data room. Stamped report, comp set, methodology, and scenario analysis. No investor expected to take the founder's word on Bali ADR.
PT PMA & Title
Real entity, clean pathway
PT Third Spaces Consulting. Indonesian PMA fully registered and licensed. NIB 2904250087211. NPWP, KKPR, SPPL all issued. KBLI 55193 (villa) and 55111 (hotel berbintang) verified. IDR 2.5B paid-up capital in line with October 2025 BKPM reform.
Land pathway. Pelepasan hak from existing SHM into fresh 80-year HGB grant under PP 18/2021. Mechanism documented before licensed PPAT notary. Single private vendor; identity, marital-property status, and clean title verified in diligence. PPJB structure with conditional precedents and notary escrow. Not a parked SPV. Not a virtual office. Not a nominee structure.
17 / 23
The Team
Built by operators, not promoters.
Founders and Partners
Founder, The Line
Ian Chadsey
20+ years institutional real estate across CBRE (Managing Director) and JLL (Director). Former Olympic-level athlete. Brings the operational and capital markets experience to build, fund, and run a complex multi-vertical hospitality business from the ground up.
F&B and Hospitality Director
David Myers
Michelin-starred chef and founder of the ADRIFT restaurant portfolio, 21 restaurants across three continents. Owns the direction of F&B and hospitality across the campus, from daily member dining to the rooftop bar.
Creative Director
Danny Gonzales
Former Creative Director at Giorgio Armani and Cartier. Shapes the full brand system, interiors, digital, wayfinding, and cultural programming design. Ensures the physical environment justifies the membership.
Performance Nutrition and Culinary Director
Sergio Perera
Spanish chef trained at ARZAK, Mugaritz, and elBulli. Longtime private chef to a globally recognized actor and founder of ORA Sydney. Co-leads campus F&B alongside David Myers across menu development, performance nutrition, and culinary media.
Operating Leadership
Hospitality Operations and GM
Justin Malcolm
30-year hospitality veteran and Managing Director of JPA Worldwide. Named best General Manager in HCMC by Travel + Leisure 2024. Led the rebrand of Sheraton Maldives through the GFC. Owns ADRIFT campus-level operations.
Members Club General Manager
Tsoler Jekalian
Senior F&B operator with leadership roles across 1880, The Nanson Singapore, and other top-tier Singapore and Hong Kong venues. Owns members club daily operations, programming cadence, and F&B service standards.
Athletic Programming Director
Inge de Bruijn
Four-time Olympic Gold Medalist and one of the most decorated swimmers in history. Owns Training Ground athletic programming, performance culture, and the high-performance member proposition.
Head Coach
Justin Fallon
Seven-time Regional competitor in competition-grade functional fitness. Leads Training Ground programming, athlete development, and the competition-format community.
Advisory Board
Rainer Frey
Principal, Sapa Capital
30+ years across investment, M&A, capital raising, and project structuring in Southeast Asia. Owns the financial model. Advises on capital structure, debt, and exit pathways.
Chris Neff
Global Luxury Partnerships & Capital
International C-level executive and board advisor. 25+ years leading growth, market expansion, and strategic partnerships for global luxury brands. Advises on commercial strategy, international scaling, and value creation across Europe, Asia, and the Middle East, with a network spanning luxury, hospitality, wellness, technology, family offices, and private capital.
Richard D'Silva
Launched The Ned London (GBP 288M)
Led the development of The Ned London, one of the most celebrated members club openings of the past decade. Advises on hospitality concept execution, operator relationships, and physical space programming.
18 / 23
The Investment
$8M for ~30% of the HoldCo. Single round. Founder co-invested.
Equity Round
$8,000,000
Equity Offered
~30%
Pre Money Valuation
$18.7M
Post Money Valuation
$26.7M
Founder Capital, Total
$0.75M ($0.35M spent to date on DD, PT PMA, legal; $0.40M pro-rata)
Round Structure
Single round in two closings, no follow-on; right-sized to the club + land + WC
Minimum Ticket
$250,000
Closings
First close on land control and clean title; final close December 15, 2026 (pre-money step-up)
Preferred Return
8% per annum
Waterfall
Capital, then 8% preferred, then pro-rata (European, no catch-up, no promote)
Co-Invest Rights
Priority on every future platform market
Structure
Singapore HoldCo over Indonesian PT PMA
Eligibility
Accredited Investors Only
Hold Period
7 years
What the $8M Funds
Land acquisition~$3.0M target + ~$0.3M costs (forward, gated on LOI)
Club build + working capitalThe club through breakeven, the things pre-sales can't fund
Residence buildSelf-funded by ~$23M of staged collections (25/30/30/15)
No distributable surplusThe return is the retained club equity, not a pre-sale windfall
The Platform, Separately Capitalized
Each future marketIts own raise, ring-fenced from Bali
This round's rightCo-invest priority on subsequent markets
ADRIFT hotelOptional future expansion, out of this raise
Master HoldCo ownsBrand, IP, member system, ~90%-margin Remote tier
Investor Protections
ReportingQuarterly
Board observer rightsYes
Tag along rightsYes
Drag alongExercisable from Year 6, with a founder right of first offer
Anti dilutionWeighted average
Preferred return8% cumulative, ahead of founder economics
Step in rightsOn material KPI miss
19 / 23
Use of Proceeds
Equity funds the club, the land, and working capital.
The $8M equity round funds land acquisition, the club build, and club working capital through breakeven, the things residence pre-sales cannot fund. Founder capital of $0.35M (land DD, PT PMA setup, legal) has already been funded personally and is in the ground, with a further $0.40M pro-rata on the same terms as investors.
The single largest allocation is the club build, the asset the investor retains. Land acquisition is a forward purchase, gated on a clean LOI and title. The 18 members-only residences are built off their own pre-sales, ~$23M of staged collections, so outside equity is not consumed building inventory.
From stabilization, the club funds its own operations from cash flow. This is a single round, with no follow-on planned. A future ADRIFT beachfront hotel, if pursued, would be a separate, separately-capitalized raise, out of this round.
Reconciliation: the total project budget (~$26.1M; see the strategy document) carries club construction at a prudent ~$5.0M top-of-range. The $3.8M of club lines here is the equity-funded portion; the balance is carried within total project sources (~$29.4M net of residence tax) alongside the 20% project contingency.
Club Build & Fit-Out (2,500 m²)
$3.00M
37.5%
Land Acquisition (40 are, forward)
$3.00M
37.5%
Club Working Capital / Ramp Reserve
$0.90M
11.25%
FF&E
$0.40M
5.0%
Land Acquisition Costs (BPHTB, legal, HGB)
$0.30M
3.75%
Contingency (club build)
$0.30M
3.75%
Pre-Opening & Launch
$0.10M
1.25%
Total Equity Round
$8,000,000
Residence build funded by pre-sales (staged collections)
~$23M
20 / 23
Risk Factors
Every material risk named. Each one gated or capped.
Every investment carries risk. The gated sequencing is itself the primary mitigant: land is controlled before construction, residences are built in tranches against confirmed pre-sales rather than on spec, and the construction bridge (~$3.8M peak) is repaid from collections before any distribution. Below are the specific risks for the club-and-residences project, with assessed likelihood, impact, and structural mitigants.
Land Forward / Title / Zoning / Price
MediumVery High Impact
Land is a forward acquisition, not yet under LOI or contract. Gate 1: the LOI and full diligence (clean HGB title, PKKPR zoning conformity, LP2B / Mengwi RDTR overlay, price at/below target) come before any construction capital. Walk-away protected via PPJB structure with conditional precedents and notary escrow. At-risk dollars before the parcel is controlled are capped at founder-funded diligence cost (~$0.35M). If the land or entitlement fails diligence, the equity is not yet in the ground.
Membership Ramp to ~830 by Y5
Medium-HighHigh Impact
The single largest operating risk, and today's documented pipeline is materially smaller than ~830. Mitigants: pre-opening membership drive, founding-tier scarcity, corridor demand. Break even is only ~295 members (~33% of the base count), so the asset is profitable well below target; bear case ~550 still clears it comfortably.
Optional Hotel / Corridor ADR
Low (this raise)Out of Scope
Out of this raise entirely. Bali luxury occupancy is the weakest market segment and corridor ADR has drifted, which is exactly why a future ADRIFT hotel is separately capitalized and committed only after the club model is proven. No equity from this round is exposed to hotel ADR risk.
Construction Cost Inflation
MediumMedium Impact
Founder has 20+ years of institutional project delivery. Fixed-price GMP construction contract with named GC. 20% contingency on construction + soft costs, an honest buffer for a first luxury build (Bali first-build overruns of 25 to 40% are common). The club build is held at a top-of-range $2,000/m² for prudence even though the bottom-up budget runs lower (~$3.4M).
PT PMA Enforcement Tightening
LowHigh Impact
Real PMA, not nominee. PT Third Spaces Consulting registered April 2025. NIB, NPWP, KKPR, SPPL all issued. KBLI 55193 (villa) and 55111 (hotel berbintang) properly licensed. IDR 2.5B paid up capital in line with October 2025 BKPM reform.
Residence Absorption Below Plan
MediumMedium Impact
Priced to real comps (~$4,460/m²), phased build against confirmed sales, no spec inventory. ~30-40% pre-sale gate before groundbreaking; broker validation pre-launch. Branded-residence demand has softened island-wide, so absorption is a real risk, mitigated by the 18-unit cap, members-only resale, and real-comp pricing.
Exit Multiple Compression / Liquidity
MediumMedium Impact
Base uses 12×, a discount to Soho House's ~16×. A single Bali asset is less liquid than a portfolio, so the membership-premium thesis has to be earned with retention data. The platform and a second market improve liquidity and support multiple expansion (12× toward 14×).
FX Volatility
MediumMedium Impact
Natural hedge at the operating level. Membership fees, hotel ADR, F&B, and operating costs are predominantly IDR denominated. USD denominated investor distributions reduce exposure further. NDF hedge available for close window beyond 90 days.
Adat / Ceremonial Consent
LowMedium Impact
Bendesa Adat consultation pre-acquisition. Pararem documented. 1 to 1.5% paiketan desa adat budgeted. The 40 are site is inland, no Melasti corridor implications.
Key Person Dependency
LowVery High Impact
The Line self-operates through its own in-house leadership. An advisory board of four operators provides institutional continuity; JPA Worldwide provides hospitality execution support; a dedicated members-club GM is hired pre opening. Documented SOPs and a structured leadership team reduce single point of failure exposure materially.
Single Asset Concentration
MediumHigh Impact
Mitigated by platform roadmap. Bali is asset 1 of 8 planned APAC and global properties. Each future site is independently capitalized into a sister vehicle, ring fenced from Bali. This round's investors hold equity in the master HoldCo and receive co invest priority on every subsequent property. Concentration declines structurally with each new opening.
Brand IP and Replicability
LowMedium Impact
Five vertical integration is structurally hard to replicate. Member transferability across the platform compounds the moat with every new site. Operating playbook, programming calendar, member network, and brand IP are owned at the master HoldCo level. Branded-operator licence (Marriott / Hyatt / Ennismore) is retained only as a defensive option, not the operating model, if competitive dynamics shift.
21 / 23
High Level Schedule
From close to exit. Every milestone, every gate.
Date
Phase
Milestone
Detail
Q2 2026
Gate 0
Land Diligence + LOI Initiated
PKKPR + title diligence pull. LOI initiated on the 40 are freehold parcel at ~IDR 1.3 B per are. Founder-funded.
Q2-Q3 2026
Gate 1
Equity Round Close
$8M committed for ~30%. Singapore HoldCo and PT PMA capitalized. Founder co-invests on the same terms ($0.75M total).
Q3-Q4 2026
Gate 1
Land Acquisition + Architect
Land closes on clean diligence. Pelepasan hak into a fresh HGB grant via PT PMA. Single architect across club + residences; PBG begins.
Q1 2027
Gate 2
Residence Pre-Sale Launch
18 Line Residences launch off-plan. Sales gallery live. Target ~30-40% pre-sold before groundbreaking.
Q2 2027
Gate 2
Club + Residence Groundbreaking
Gated on pre-sale threshold + PBG + fixed-price GMP. Deposits begin funding draws. Residences built in tranches, no spec.
Q1 2029
Gate 3
The Line Club Opens
Members move in. Profitable from Year 1; breakeven ~295 members. Operating brand validates remaining residence sales.
Q4 2029
Gate 3
Residences Complete + Handover Collections
Staged collections closed out (~$3.5M handover balances); facility repaid. Begin capital return + 8% preferred from residence margin + club cash.
2030-2032
Operate
Club Stabilizes, Distributions Begin
Membership ramps toward ~830+. Distributions from operating EBITDA. Capital substantially returned.
2031+
Platform
Open Market Two
Proven Bali unit economics underwrite a second-market club, separately capitalized, with investor co-invest rights. Optional ADRIFT hotel sits here too.
~2033
Exit
Liquidity Window
Sale or refinancing of the retained operating business (club + residence hospitality). Operating EBITDA ~$5.7M; base exit at 12× → ~$68M operating EV (10×/14× range).
22 / 23
Cross the Line
The line is drawn.
We are opening a single founding round to a select group of partners who understand that a members club is the asset, that recurring revenue is structurally superior to nightly turnover, and that residences pre-selling to fund the build is what lets outside equity buy the club rather than inventory.
30 minute founder briefing with Ian Chadsey. No obligation. Direct conversation about the business, the model, and the opportunity.
2
Access the Data Room
Full financial model (upside, base, and downside cases), land due diligence, lease and title documentation, business plan, architectural plans, capability decks. Shared with qualified investors.
3
Confirm Allocation
Minimum ticket $250,000. Single investor or syndicate welcomed. Accredited investors only as defined under Singapore MAS guidelines.
$8M round for ~30% of the club + platform. 150 founding members and a curated investor cohort close together. First close on land control and clean title; final close December 15.
Application based · By referral · No filming
Accredited investors only · Distribution restricted · Not a solicitation
