Soho House membership waitlist at all-time high but losses remain

Private members’ club Soho House’s membership waiting list has reached an all-time high of around 111,000, its second quarter 2024 results revealed.

Group chief executive Andrew Carnie said the figures reflected the “strong appeal of Soho House globally”, with its membership numbers growing 16% year-on-year to 204,028.

The New York-listed business generated total revenues of $305.1m (£239.1m) in the three months ended 30 June 2024, representing 5.6% year-on-year growth. Over a third of this revenue (33.9%) was from membership fees totalling $103.6m (£81.2m), equalling a 16.1% year-on-year increase.

In-house revenues, which include F&B, accomodation and spa, hit $128.4m (£100.6m), up $2.9m (£2.3m) year-on-year. Revenue per available room (revpar) was flat, year-on-year on a like-for-like basis.

However, Soho House still posted major losses of $33.9m (£26.6m) for the quarter, which the company blamed on a $27m (£21.2m) higher non-cash foreign exchange loss year-on-year.

Adjusted EBITDA was $33.3m (£26.1m), up slightly by $1.6m (£1.3m) compared to the same quarter last year.

“Total revenues grew 6% in the second quarter, with underlying in-house trends improving versus the first quarter,” said Carnie. “Our strategic focus on operational efficiencies and delivering the best member experience also drove strong adjusted EBITDA growth.”

The private members’ club also opened Soho House São Paulo in Brazil and Scorpios Bodrum in Turkey within the quarter, following other recent openings including Mexico City and Portland.

Earlier this year, Carnie reported that membership spending had slowed, even though the waiting list continues to grow.

The company faced questions over its future after analyst Glasshouse Research published a damning report in February claiming the company had a “broken business model” and was effectively worthless.

The firm has always strongly denied the claims but last year said it would stop accepting new members in London, New York and Los Angeles to prevent its clubs becoming too overcrowded.

Soho House was founded by Nick Jones in London in 1995 to act as a hub for people working in the creative industries.

It now runs 13 houses in the UK, where global membership costs over £2,900 a year, and more than 50 locations including hotels and co-working spaces worldwide.

Soho Houses’ first clubs in Manchester and Glasgow are expected to open this year along with a relaunch of the former Hush Mayfair site in London.

Pictured: Soho House São Paulo. Photo: Christopher Sturman/Business Wire