Premium IRL Gathering
pforte@pforte
−0.1%
since Oct 6
The idea
I believe that as more of life moves online, people will pay a growing premium to gather in person, and I want to own the places built for that. The portfolio mixes premium operators, athletic clubs, boutique fitness, mountain passes, marquee venues, and resort floors, with experiential landlords that collect rent on the same trend, balancing steadier holders against faster-moving ones.
What it owns
- Iconic rooms and districts where crowds gather naturally can keep raising prices as demand for shared experience grows. · Churchill DownsIt owns iconic venues including the Kentucky Derby, an event people plan around for a year and pay premium prices to attend in person., Madison Square Garden EntertainmentIt operates the marquee room where people pay the most to be in the building for an event, with rising per-event revenue proving the premium., Pursuit Attractions and HospitalityIt runs lodges and attractions in remarkable locations where the whole product is being somewhere special with others at premium per-visit prices., Sphere EntertainmentIt is a venue built from the ground up for in-person experience that commands prices no screen can match, proving the format with attendance and licensing growth., Atlanta Braves HoldingsIt owns a sports team and the mixed-use district around the ballpark where people spend before and after games, testing the gathering place at neighborhood scale.29%
- Owning the buildings where experiences happen and collecting rent from operators captures the same trend with lower volatility. · VICI PropertiesIt owns the land under major gathering floors on the Strip and collects long-term rent from operators, serving as the steadiest part of the take., EPR PropertiesIt owns the buildings where experiences happen, from dining venues to ski properties, and collects rent on steady occupancy and rising rates., Ryman Hospitality PropertiesIt owns the massive Gaylord resorts built for conventions and group events, testing whether companies keep paying to gather teams in person., Federal Realty Investment TrustIt owns upscale town centers in wealthy areas where people gather for dining and shopping, collecting rent from tenants at high occupancy., Howard Hughes HoldingsIt builds master-planned communities designed so people live near each other on purpose, testing over years whether people pay up to live where connection is built in.29%
- Recurring paid membership is the clearest signal that people are committed to showing up in person, not just visiting casually. · Life Time Group HoldingsIt charges high monthly dues for premium fitness clubs built as social hubs, and the take holds if members keep renewing and dues keep rising., Vail ResortsIt sells paid annual passes that lock in commitment to gather on the mountain with other people, providing proof of willingness to pay upfront for shared experience., Xponential FitnessIt franchises boutique fitness studios where the class itself is the gathering and members pay well above basic gym rates for the shared experience.22%
- High-end casino resorts are purpose-built for monetizing crowds and can command premium pricing on the in-person experience. · Wynn ResortsIt builds the most expensive room-and-floor experience in Vegas and relies on people paying premium prices specifically to be in the crowd., Red Rock ResortsIt operates upscale casinos that serve as regular hangouts for Las Vegas locals, testing whether the IRL premium works on repeat visits close to home.10%
- Cash10%