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Soho House and Co has reported a 3% decrease in RevPar despite a 3.1% increase in revenues to $263.1m (£209.6m) for the first quarter ended 31 March 2024.
In-House revenues also declined -5% to $110.4m (£87.9m) year-over-year. However, membership revenues grew to $100.2m (£79.8m), a 20.4% increase year-over-year, accounting for 38.1% of total revenues.
The group’s adjusted EBITDA was also down $0.8m to $19.3m (£0.6m to £15.3m) from Q1 2023.
Total members in the first quarter 2024 grew to 261,571 from 259,884 in fourth quarter 2023 and by 9.9% year-over-year. Soho House members also grew to 198,021 from 193,865 in the fourth quarter 2023, and 17.4% year-over-year.
SHCO Membership waitlist now sits at approximately 102,000, an all-time high.
In the UK, Soho House established 13 Houses and the number of Soho Houses members increased from 63,285 to 71,835 in Q1 2024. However, the number of Other members dropped from 41,756 to 38,114.
Andrew Carnie, CEO of Soho House and Co, said: “Our first quarter results are testament to the strong appeal of Soho House globally, with Soho House membership growing 17% year-on-year and our waitlist surpassing the 100,000 mark for the first time.
“Total revenues grew 3% in the quarter, and we have seen steady improvement in underlying trends since the start of the year. This, coupled with continued strong execution, gives us confidence to raise the midpoint of our Adjusted EBITDA guidance. I’d like to thank our teams for their passion and hard work, and members around the world for their continued loyalty.”
