Independent investment research and strategic advisory for the $10.9 trillion travel and transport ecosystem — from safari lodges to eVTOLs, OTAs to toll roads.
Komorebi is the advisory and research practice of Lee Kelsall — drawing on two decades across project finance, hospitality, and travel, from structuring multi-billion-dollar infrastructure deals to building and scaling luxury safari and serviced living businesses.
We look for businesses with a Komorebi effect — those that create value beyond the transaction, compound in ways traditional metrics can't fully measure, and endure across cycles.
Hotels, resorts, lodges, ski chalets, theme parks, and listed hospitality REITs — where experiential demand meets brand and yield.
OTAs, tour operators, distribution systems, and vertical SaaS — scalable, recurring-revenue models built on digital infrastructure.
eVTOLs, e-sailing, hybrid marine engines, and the enabling infrastructure shaping the next era of human movement.
Airports, ports, rail, and toll roads — durable, regulated assets that underpin global flows of people and goods.
Investment memos and company research on publicly listed businesses tied to travel, mobility, energy infrastructure, and the financial rails of emerging economies. Deep dives into overlooked companies at the edge of the sector.
Explore writing →We work with founders, investors, and operators across travel, mobility, and infrastructure — advising on growth strategy, capital allocation, market entry, and operational scale.
Learn more →A vertical integration play at the intersection of marine electrification, premium leisure, and defensible craft manufacturing.
Read on leekelsall.com →How Atour turned its hotels into showrooms, its staff into brand ambassadors, and its balance sheet into a retail flywheel.
Read on leekelsall.com →Spain's largest hotel group is quietly giving away its real estate. The asset-light pivot is either the smartest capital allocation in European hospitality — or a bet the market hasn't priced correctly yet.
Read on leekelsall.com →Whether you're a founder, fund manager, or operator — we'd like to hear from you.
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