A hotel business model evolving towards third-party management
Founded in 1981, Esprit de France has historically developed through the ownership and operation of distinctive boutique hotels closely associated with France’s architectural and cultural heritage.
The family-owned collection currently owns twelve properties, including ten in Paris, Le Pigonnet in Aix-en-Provence and Hôtel Louvre-Lens.
However, the group now intends to take a further step by offering its expertise to independent hotel owners.
Three hotels are currently operated under management contracts, according to the press dossier published in October 2026.
This development draws on an organisation progressively structured around shared support functions, enabling individual hotel management teams to focus on operations, employees and the guest experience.
The ambition is to provide owners with professional hotel management without imposing standardisation on their properties.
“On the contrary, our role is to understand what makes a place valuable and provide the expertise needed to improve its performance without erasing its personality,” explains Jérémie de Fombelle, Managing Director of Esprit de France.
Hotel revenue increases by 6% in the first half of 2026
The new strategic direction comes against a backdrop of improving operating performance.
In the first half of 2026, Esprit de France reported hotel revenue of €27.9 million, an increase of 6% on a like-for-like basis compared with the corresponding period in 2025.
In Paris, the collection’s properties achieved an average occupancy rate of 86.5%, unchanged year-on-year and two percentage points above the relevant market benchmark, according to MKG data cited by the group.
RevPAR reached €302, compared with €289 in the first half of 2025, representing growth of 4.5%. Over the same period, the comparable Paris market reportedly recorded a 1% decline, again according to MKG.
These results indicate an increase in revenue per available room despite stable occupancy, suggesting an improvement in average room rates.
Outside Paris, Le Pigonnet, which fully reopened in late February 2025 following a major refurbishment, recorded a 12% increase in revenue, according to the collection.
The first half was also marked by the disposal of Esprit de France’s minority interest in Madeleine 1er, the company owning the operating business of Hôtel Fauchon Paris.
The value of the disposal has not been disclosed.
Operating performance as a selling point for hotel owners
To support the expansion of its third-party management activities, Esprit de France is highlighting the initial results achieved at properties under its management.
At the first hotel where the collection took over operations, the Booking.com rating reportedly increased from 8.4 to more than 9 within six months.
At Hôtel Tourisme Avenue, gross operating profit (GOP) reportedly improved by six percentage points over six months, compared with the equivalent period of the previous year.
Esprit de France presents these indicators as the first results of its operating model. However, the press dossier does not provide detailed financial data allowing an assessment of absolute profitability levels or the commercial terms of the management contracts.
For owners, the proposition centres on shared expertise, operational support and the preservation of each property’s individual identity.
Club Esprit de France continues its regional development
Alongside its management activities, the group continues to develop Club Esprit de France, which brings together approximately thirty independent châteaux and heritage properties.
Three new properties joined the network during the first half of 2026:
- Le Domaine du Colombier.
- Le Château du Gué aux Biches.
- Le Château de Saint-Paterne.
According to the press dossier, these additions represent 40 additional rooms and a 21% increase compared with 2025 for the indicator presented.
The collection is also considering around ten projects in Brittany, Centre-Val de Loire, Grand Est, Nouvelle-Aquitaine, Occitanie, Provence-Alpes-Côte d’Azur and Corsica.
Its targets include historic residences and hotels offering at least ten rooms, located close to cultural or heritage attractions.
Esprit de France also participates in the “Réinventer le patrimoine” programme, launched in 2019 by Atout France, the Agence nationale de la cohésion des territoires and Banque des Territoires, with support from the French Ministry of Culture.
Two distinct activities supporting the collection’s development
The expansion of the Club and the development of third-party management follow different economic models.
Club Esprit de France is a network of independent properties sharing a heritage-focused positioning and a common approach to hospitality.
Management contracts, by contrast, involve Esprit de France directly in operating hotels on behalf of their owners.
These two activities sit alongside the historic portfolio of twelve wholly owned hotels.
This structure enables the collection to pursue several forms of development, with different levels of operational involvement and capital commitment.
Esprit de France belongs to Compagnie Lebon, a French company founded in 1835 and controlled by the same family for eight generations.
LTH Analysis | Seeking growth with less dependence on property ownership
The principal takeaway from this announcement lies in the evolution of Esprit de France’s business model.
By expanding third-party management, the collection aims to capitalise on the capabilities developed within its own hotels without systematically investing in the acquisition of additional assets.
This direction could allow the group to accelerate its development while limiting the capital required for each new property.
Nevertheless, it will need to demonstrate its ability to deliver sustainable improvements in the performance of managed hotels, control operating costs and meet the expectations of owners with differing investment profiles.
The challenge will be to transform expertise historically applied to a family-owned portfolio into a hotel operating business capable of attracting third-party investors.
With only three properties currently operated under management contracts, this diversification remains at an early stage.
Future contract signings, management agreement durations, fee structures and operating results will help determine its economic significance.
At a Glance
Company: Esprit de France, owned by Compagnie Lebon.
Managing Director: Jérémie de Fombelle.
H1 2026 hotel revenue: €27.9 million, up 6% on a like-for-like basis.
Paris occupancy: 86.5%.
Paris RevPAR: €302, up 4.5% year-on-year.
Owned hotels: 12, including 10 in Paris.
Third-party managed hotels: 3.
Club network: Approximately 30 independent châteaux and heritage properties.
Recent additions: Three properties representing 40 additional rooms.
Strategic priority: Expand third-party hotel management while preserving individual property identities.
Corporate transaction: Disposal of a minority interest in Madeleine 1er, associated with Hôtel Fauchon Paris.
LTH perspective: A gradual shift towards an operating model that could support growth with less dependence on property ownership.
