The operator's shelf: every destination's development pipeline plus how each market actually staffs itself.
16 branded private islands; Fregate & La Réserve re-price the top
16,000+ rooms under construction — the absorption question
Shura & AMAALA go live — the JV era begins
What the dry rule costs, who it selects for, and how to build F&B for both futures
PIF logic vs IRR logic: the $10B bet, the April reset, the Phase 2 freeze
Six destinations, four airlines — and the missing European nonstop
The Gulf base, the European explorers, the Umrah extension
Where the premium inventory squeeze is heading
How Bali chose scarcity — and what the moratorium is worth
How Bali gentrified its own digital nomads — and got paid twice
The beach sells a week; Ubud sells a before-and-after
The Australian floor, the Indian growth engine, the Russian surprise
RevPAR −8.7% meets 3,440 rooms — the late-cycle squeeze
Four Seasons 2027 and the staffing test
Haitang Bay: 30+ resorts and the 1 Hotel autopsy
The thin 830-room pipeline delivers — Nobu live
1,000+ keys in the pipeline — absorption scenarios
65–70% foreign workforce, the 20,245-worker gap by 2027, the Service Charge law.
52.1% workforce tourism-dependent, 70%+ GOPs to expats, water at up to 20% of opex.
A ~100% imported front line, 10,000+ workers needed for the 2026 pipeline.
3,000+ hires in 2025, "Saudi National Only" postings, +10–20% premiums.
Badung's sectoral minimum, the service-charge lottery, the grey-market villa economy.
THB 400/day, 20–30% understaffing, the monsoon-flex workforce.
The SSW visa lifeline, ¥3.46M vs ¥4.97M, 70%+ short-staffed.
RMB 7–10K packages, RU/EN premiums, 30+ resorts in one labour pool.
81% occupancy on a 2.7% pipeline — replacement hiring, low churn.
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