What Makes a Safari Asset Investable?

The more time I spend building safari camps, the clearer it becomes that nature alone does not make a business investable. Hundreds of camps have incredible wildlife and beautiful tents. Very few have the structure that turns a remote site into a predictable asset.

Investability in safari hospitality has almost nothing to do with views or interiors. It comes from the underlying architecture of the business and how consistently it performs through seasons, market shifts and operational challenges.

As we move from one camp to a multi-property circuit at Conserve Safari, a few elements have become more obvious.

1. Cash flow needs a recognisable pattern

After a full operational cycle, the numbers begin to settle. We are now coming out of our first high season, and the picture is much clearer. Over the past year we have sold close to ten thousand bed nights. A year ago we had zero sales and a lot of anticipation. Today we have a solid order book for both properties for next year, and even early interest for 2027.

In our case, high season lead times stabilised at roughly 120 to 150 days. By mid-year we can already see how the year-end will shape. ADR visibility has also improved. High season demand consistently exceeds supply, so we priced higher and the market supported it. Low season required a different strategy, so we priced more competitively to prioritise volume. We also introduced a defined shoulder season with its own pricing logic.

On distribution, operators drove nearly all bookings. It remains a reliable channel and gives us strong forward visibility. This level of clarity makes forecasting far more grounded than it was in year one.

2. Each property must stand inside its own SPV

A camp buried inside a mixed entity is difficult to value and difficult to ring-fence. We initially planned to separate properties using dimensions in our accounting system, but ultimately moved to a dedicated entity for each site. It gives much cleaner visibility, and it also allows every property to have its own investor group, which adds convenience and flexibility.

An SPV with clear ownership, clear liabilities and transparent reporting is far easier to underwrite. When each asset stands on its own balance sheet, the conversation becomes much more straightforward.

3. A management company is what actually compounds value

One lodge cannot justify a proper sales function, financial controls, training, quality assurance or disciplined procurement. Two properties start to show efficiencies. Three become a platform. That is what we are building now.

A platform allows you to hire stronger people and create dedicated, specialised functions that support every property. When you secure one strong operator relationship, they tend to book across all camps in the circuit, which creates meaningful distribution efficiency. And with every additional property, shared costs are split across more units, which benefits both existing and new investors.

The management company is where performance becomes repeatable.

4. A circuit is stronger than a collection of isolated sites

Safari travel is sequential. Guests move through parks, and operators typically design seven to ten night journeys. This is why we are focused on completing our circuit rather than simply adding another isolated property in Tarangire or the Serengeti. A circuit allows our partners to book an entire itinerary with one supplier instead of stitching together multiple camps with inconsistent quality levels.

We have even heard anecdotes from operators that when guests move from our Tarangire property to another supplier, the drop in food and overall experience creates tension for them. It reinforces the value of a unified circuit with consistent standards.

A complete circuit stabilises occupancy, improves ADR leverage and reduces dependence on any single property. Distribution strength comes from integration, not isolation.

5. Governance matters more than design over the long run

We, and the investors we speak to, expect transparency. Many prefer their first touchpoint to be through a US entity, so we are structuring accordingly. Internally, we prioritise clean and prudent accounting, cost discipline, paperless documentation and digitised procurement. The goal is straightforward: governance that is clean, predictable and repeatable, with transparent performance at every level.

6. Impact is now part of the investor lens

Safari assets sit inside national parks and community areas, so the impact is immediate. The most meaningful part is the decent jobs we create in remote regions. These roles come with training, exposure to global standards and real career pathways for young people who often have limited opportunities.

Operations also contribute directly to conservation through fees, local sourcing and community partnerships. When communities benefit from employment and skills, the incentive to protect wildlife grows stronger.

Investors increasingly view this alignment between economic value and environmental health as a core part of the long-term viability of a safari platform.

7. Access carries more weight than people admit

Many investors want more than returns. They value access. Time in nature, a place to bring their families and a personal connection to the asset they support. Safari real estate offers this in a way traditional commercial assets cannot. It is a quiet but important factor when aligning with the right partners.

What this means for safari real estate

Safari hospitality begins with an advantage that few industries enjoy. The core product is already extraordinary. But extraordinary nature does not automatically create investable assets. Structure does.

As we expand across Tanzania’s national parks, these principles guide our decisions: SPV segregation, a shared management company, disciplined operations, a circuit strategy, a clear impact footprint and the ability for investors to experience the product themselves.

If you would like to explore investment opportunities or introduce aligned partners, feel free to reach out.