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The house journal

Perspectives

Our investment convictions, including those that make us decline.

Mineral pool of a hospitality property at dusk — an asset at work

Perspectives

Investing in hospitality: what operations change about real estate

Hospitality is not judged by the square metre but by the operating account: the property and the business that animates it are two distinct things — structured, valued and sold differently.

1 September 20264 min readChecked 1 September 2026

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Mashrabiya opening onto the Gulf, between two investment worlds

Perspectives

Investing in Bali or Dubai: two patrimonial logics with nothing in common

One sells a right of use in a high-identity niche market; the other registered freehold in a deep, codified market. Comparing Bali and Dubai is first comparing two different questions.

1 September 20264 min readChecked 1 September 2026

Stone courtyard at dusk, warm light in the window

Perspectives

Due diligence in eight files: what we open before signing

Title, soil, structure, leases, accounts, tax, insurance, people. Eight files, always the same, opened in the same order — and the rule that suffers no exception: what is not documented does not exist.

19 January 20263 min read

Portuguese Atlantic coastline: a discreet stone villa above the cove at dusk

Perspectives

Why we decline nineteen operations out of twenty

Declining is not a sourcing failure; it is our primary risk tool. An anatomy of a year of files set aside — and the three reasons that keep returning.

9 December 20252 min read