Site cost — annual, by format.

Operating cost — annual, identical across both formats.

Lease (lake / indoor)

Lake CHF 30k/yr ≈ ~100 m² lakefront concession at CHF 300/m²/yr. Indoor CHF 36k/yr ≈ ~125 m² Lugano centro at CHF 287/m²/yr. Both inside the observed Lugano premium-commercial band: Riva Caccia lakefront 225 m² @ CHF 160/m²/yr; Via Bagutti centro 150 m² @ CHF 208/m²/yr; centro premium tier CHF 261–310/m²/yr. maison.work, immobiliareluganese.ch, lsolutions.ch (2026).

Permits & utilities baseline

Conservative placeholder. Lugano lake-use permits negotiated case-by-case with the municipality.

Fit-out

Decking, foundations, services. Indoor higher: interior build-out and finish work. Amortized straight-line over 5 years.

Wages

L-GAV 2025 — Swiss hospitality collective agreement: unskilled CHF 3,706/mo, skilled CHF 4,519/mo, ×13/12 + ~20% social charges. l-gav.ch.

Cleaning & linens

Full leased linen service at high end (Schwob/Edelgia) plus consumables. schwob.swiss, edelgia.ch.

Energy

CHF 0.237/kWh all-in CH commercial × ~30 MWh/yr (10 kW thermal × ~6h/day cycling + lighting). globalpetrolprices.com Jun 2025; AET Ticino 2025 tariff schedule.

Insurance

Wellness liability + premises + bookkeeping. Mid-range Swiss SME bundles (Zurich, Swica). Placeholder; firm quote on confirmation.

Marketing

~3% of revenue at scale; first-year heavy lift. Direct booking to keep platform fees low.

Maintenance

KOERNER builds last decades; reserve covers stove, seals, electronics, light field service.

Outdoor unit retail (≈ €55k tier in the model)

Premium turnkey outdoor cabins from German manufacturers are typically quoted individually (configuration, site, install). KLAFS publishes no fixed list for bespoke lines; the €55k figure is a round-number anchor for gross retail TAM (20 × €55k ≈ €1.1M max), not SAUNA.’s placement margin.

Product chart — global reference list prices

DE (manufaktur) — corso sauna manufaktur design outdoor from €29,000 (corso-saunamanufaktur.com EN price page). US (Nordic brand) — Helo PB 78 freestanding kit list at US dealer (steamandsaunaexperts.com). AU (import retail) — Auroom Aurea outdoor from $34,043.90 inc. GST at SDS Australia (sdsaustralia.com; chart shows AUD→CHF rounded). US (flagship) — KLAFS S11 “from $80,000” in US trade press (Business of Home, 2024); also listed on KLAFS USA (consult). All figures are indicative; refresh FX and list prices before external use.

Session-price anchors (CHF 180 per room, up to 4 people, 75-min)

SAUNA. is priced per room — revenue is independent of party size, the natural model for a single-room architectural studio. For a like-for-like comparison the chart normalises every comp to CHF per person at full occupancy: SAUNA. CHF 180/room ÷ 4 = CHF 45/person; SKEMA Zürich CHF 90/room ÷ 2 = CHF 45/person; Splash & Spa Tamaro (Ticino) CHF 66/day per person; Therme Vals CHF 85/day per person; Serrat(u)s Zürich 2-hr CHF 100/person; AIRE Copenhagen 90-min ≈ CHF 130/person.

Margin benchmark

finmodelslab.com — spa-hotel 18–37% operating margin; premium spa-resort up to 76% EBITDA target.

Operating-day split

Lake operates ~280 days/yr (Lugano lakeside seasonality, conservative, lake events fall back to indoor adjunct space). Indoor ~350 days/yr.