Why Paris's Sant Roch Sells Only Half Its Sauna Seats

Sant Roch, the new premium contrast therapy club in the first arrondissement of Paris, opened in March to what looked like a dream launch. The company shared the numbers with trade outlet Spa Business: 4,500 paid visits in the first month, occupancy north of 85%, more than 100 memberships sold, a 70% return rate after first session, and guided rituals booked a full week out. For a 4,305 square foot facility with a 646 square foot sauna and five cold plunges, those are the kind of metrics a U.S. hospitality investor would frame on the wall.

Divide the visits into the operating grid, though, and a tighter story emerges. At 4,500 visits and 85% occupancy, Sant Roch's bookable monthly inventory is roughly 5,294 visits. Across a 14-hour operating day (8 am to 10 pm), that works out to about 17 sellable spots per start time if the venue runs 10 starts per day. Press coverage and social posts repeatedly describe the sauna itself as a 35-seat room. Sant Roch does not publish that number, but if it is directionally right, the operator is selling roughly half of what the hot room could physically hold.

That is the single most important figure in the story. It is the one U.S. operators watching the premium social sauna category should write down.

What Sant Roch Actually Reported

The headline metrics are company-shared, not independently auditable. Sant Roch's website confirms the operating format: reservation-only access, credit and subscription booking, guided and self-guided 75-minute sessions, daily 8 am to 10 pm hours, mixed bathing areas with separate men's and women's changing rooms. The month-one commercial figures come from a trade press article the company briefed directly.

The plunges sit between 37°F and 50°F, according to the official site, though design-press coverage cites a slightly colder 37°F to 46°F range. Sessions follow a structured loop of 15 to 20 minutes in the heat and 30 seconds to 3 minutes in the cold, with rest phases in between.

4,500+: paid visits in the first 30 days

85%+: claimed occupancy against bookable inventory

100+: memberships sold

70%: reported return rate after first session

7 days: lead time on guided ritual bookings

$49 (€45): public single-session reference price

646 sq ft: sauna footprint inside a 4,305 sq ft venue across two levels

Founders Jules and Chloe Bouscatel built the brand out of Monday Sports Club, a French boutique fitness operator. That background matters. The discipline on display is boutique-fitness logic, not hotel-spa logic.

Arched fountain niches and wooden brick flooring in the Sant Roch circulation. Photo: Sant Roch.

The Capacity Discipline Is the Real Product

The arithmetic forces one conclusion. At roughly 150 visits per day on average (4,500 divided by 30) and 85% fill, Sant Roch is operating at roughly 176 sellable slots per day. Spread over 9 to 11 start times, that lands between 16 and 20 bookable places per session. That is nothing like a fully loaded 35-seat sauna running back to back.

The implication is that Sant Roch is deliberately under-loading the hot room to protect the product that actually justifies the $49 ticket: calm plunge access, unrushed lounge turnover, choreographed guided rituals, and a specific temperature of experience that breaks the moment a sauna feels like a crowded subway car.

The operator trade-off: A 35-seat hot room at 10 starts per day at full fill equals 350 visits per day, or 10,500 per month. Sant Roch is selling about 43% of that. The gap is not wasted capacity. It is what they are actually selling.

U.S. operators of premium thermal clubs like Bathhouse, franchised formats like Sauna House, and flagship integrations like Equinox's thermal rituals are all negotiating the same constraint. Revenue scales with seats. Premium pricing scales with the opposite: restraint, pacing, and the feeling that you are not sharing a bench with twenty-nine strangers.

The Unit Economics Work, But Not on the Door Rate Alone

The €45 single session is the public benchmark, but Sant Roch's official sales page confirms the revenue mix is actually a blend of session packs, monthly subscriptions, annual subscriptions, a discovery offer, and gift cards. Actual recognized revenue per visit should land below the door rate. A defensible base case uses net average revenue per visit of €42.5 (about $46), with an assumed €8 per visit in variable cost for laundry, utilities, consumables, payment processing, and treatment chemicals.

Base case annual model (site-level): 50,800 visits. Recognized revenue around €2.16 million (about $2.35M). EBITDA around €523,000 (about $570K) at a 24% margin. Low case at 65% occupancy still clears EBITDA-positive. Assumes €1.23M total fixed costs across payroll, rent, marketing, software, and compliance.

The founders have publicly disclosed that the first site required roughly €1.2 million of equity and €500,000 of bank debt, or about $1.85 million total build cost. At base-case EBITDA, that is a simple payback inside 3.5 years before tax and maintenance reserves. Attractive math for a premium urban concept with high build quality. The $1.85 million barrier is also exactly what protects Sant Roch from neighborhood copycats with cheaper fit-outs.

Four Things the Headline Math Misses

Get past the opening numbers and four real questions drive whether this model scales, especially in a U.S. transplant version.

Paris summer. Month one landed in March. Paris empties in August. Urban wellness concepts in Europe routinely see Q3 occupancy drop 30 to 50% against Q1. The €1.23M fixed cost base does not care what month it is. A realistic 12-month model has to underwrite a summer floor, either through heatwave-positioned cold plunge programming, tourist conversion (the Tuileries location helps), or aggressive membership prepayment to smooth cash.

Ancillary revenue. The €42.5 ARPV assumption counts only session credit consumption. Premium wellness operators typically add 10 to 15% of gross revenue through branded retail, post-session hydration, adaptogenic drinks, and skincare. On 50,000 annual visits, a €5 per head ancillary capture adds €250,000 (about $275K) straight to the contribution line. Whether Sant Roch builds this is a real choice, not a given.

Corporate buyouts. The address, between the Louvre and Place Vendôme, is unusually good for off-hours B2B sellouts. Fashion week recovery events. Luxury brand pre-press breakfasts. Tech off-sites. Corporate buyouts protect weekday daytime, the exact shoulder period that kills venue P&Ls. Selling even one weekday morning per week as a private hire at €5,000 to €10,000 is another €250,000 to €500,000 of high-margin annualized revenue on what would otherwise be dead hours.

The maintenance reserve. A 24% EBITDA margin is operating cash, not net income. Wet thermal environments eat themselves. Plunge chillers, wood benches, tile grout, ventilation systems, and water treatment consumables all require aggressive replacement cycles. A realistic maintenance capex reserve of 3 to 5% of revenue takes $70K to $120K off the top line every year. That still leaves the model healthy. It does not leave it printing money.

Why U.S. Operators Should Be Watching

The American premium social sauna category is arriving fast. Bathhouse crossed $120 million in revenue. Equinox is layering thermal rituals into flagship gyms. Remedy Place and SweatHouz are attacking the niche from different angles. Operators like Othership are converting social sauna into programmed nightlife. The capex required for a Sant Roch-grade flagship, about $1.85 million on a 4,300 square foot footprint, sits inside the range a U.S. real estate sponsor or hospitality group can underwrite without reinventing the financing stack.

What Sant Roch gives those U.S. operators is a clean reference case on the question that actually determines whether premium social sauna is a category or a fad: can you cap inventory and still clear EBITDA? The answer in month one is yes. The answer over year one, year three, and year five is the one that will decide whether this model builds a second and third site. Sauna industry observers are tracking both the European openings and the U.S. operators that will follow. Whether any of this pencils also comes down to the labor ratio inside the hot room itself, which SaunaNews has broken down separately in a full P&L analysis of the business of Aufguss.

For U.S. hospitality developers, sauna retailers, and boutique wellness investors, Sant Roch is the first premium urban contrast club with a published month-one dataset that can be stress-tested against known operating costs. It validates the thesis that a 4,300 square foot urban format can clear 20%-plus site-level EBITDA margins at premium pricing. It also shows that the path through is occupancy restraint, not throughput maximization. That is a harder pitch to a general-partner investor obsessed with utilization, which is why the operators who win this category will be the ones who can hold the line.

Watch whether Sant Roch publishes a full-quarter update that includes summer weekday occupancy, the exact mix of single sessions versus pack versus membership revenue, and any disclosure on ancillary capture. Also watch whether the Bouscatels announce a second site and, if so, whether it replicates the 4,300 square foot flagship format or drops to a smaller neighborhood-club footprint.

Sant Roch's month-one numbers are strong, but the real signal is what the operator is not selling. By capping the hot room at roughly half of its physical capacity, the Bouscatels are pricing scarcity into the product itself. U.S. operators chasing the premium social sauna opportunity should copy that discipline before they copy the tile work.