Our latest case study explores Buahan, a Banyan Tree Escape—a 16-key open-air retreat in Bali that challenges every conventional assumption about resort underwriting. Built with a “No Walls, No Doors” philosophy, it is a masterclass in how site specificity and community integration create a competitive moat that cannot be easily replicated. The Performance Paradox While some might view open-air design as a constraint, Buahan’s performance data tells a different story.