After a decade building a boutique label that already has three hotels with MICHELIN KeyPug Seal enters a new phase: orderly expansion, equity investment projects and an ambitious boutique resort in Mazunte that marks the group’s arrival in coastal luxury.
To learn about the vision behind this Mexican brand—as aesthetic as it is profitable—we spoke with Jose Manuel Quintanaco-founder of Pug Seal.
Forbes Mexico: After 10 years, where is Pug Seal?
José Manuel Quintana: In a stage of maturity. We started with a very simple idea: create a place where you really feel good, like at home but better. Today we have three hotels operating, all three with MICHELIN Key, and an operation that has already proven its solidity.
It has been a process of trial, error, learning and, above all, constant polishing. At Pug Seal nothing is improvised, but nothing is rigid. This combination allowed us to consolidate our own model, with personality, with narrative and with results.
FM: They talk about Pug Seal as a “label” rather than a chain. How would you define that seal?
JMQ: A stamp is something that cannot be copied. Most boutique hotels follow the same globalized aesthetic; However, we bet on passages from the history of Mexico. Each property has a deep concept: Allan Poe is inspired by the Mesoamerican worldview and Quetzalcoatl; Anatole France represents the lineage left by the European migration that built modern Mexico; and Oaxaca Centro is a tribute to the Zapotec universe, with murals representing the frescoes of the Zapotec culture. Luxury for us is not ostentation. It is art and design at the service of comfort, which excites, highly personal service and responsibility with the environment. It is quality and warmth. That, for us, is truly luxury.
Our model is based on service, it is people taking care of people. 3 Pillars that are based on attention to the needs of our employees, who in turn take care of the guests. In this way, a virtuous circle occurs that closes with the care of our investors.
FM: Behind the concept, there is a financial model. What is Pug Seal’s investment thesis?
JMQ: The thesis is clear: boutique hospitality + real estate assets + conceptual differentiation. We focus on locations with very high capital gains and efficient operations. The narrative and recognized service raises the rate, the operation sustains the margins and in this new stage of maturity in the model, by acquiring the properties, we ensure the equity value to give greater security to investors.
Our investors—today more than 30—receive a Annual ROI up to 35%in the property rental format. under a transparent fiduciary scheme and with practically zero risk. However, we now integrate the value chain in a patrimonial manner with expected returns of up to 25% but with the support of the patrimonial value that these premium locations represent. Many started by staying with us and ended up wanting to be part of the family.
FM: Does that model explain the new investment in Mazunte?
JMQ: Completely. The project of Pug Seal Oaxaca Beach It is our natural step towards coastal luxury, but without losing soul.
We are investing 150 million pesos in a boutique resort of 35 suites, with architecture by Diego Villaseñor and a sculpture garden that mixes art, nature and spirituality.
It will be a unique project: we do not want to compete in volume, but in depth. In concept. In experience. In authentic Mexican luxury, not imported.
FM: In addition to Mazunte, you are now opening a project for new investors: Pug Seal Condesa. Why now?
JMQ: Because the brand is at a point of stability and reputation that allows us to open the doors to more partners without compromising our essence.
Pug Seal Condesa will be located in front of Parque México, in one of the areas with the greatest real estate growth in the country. It is a heritage project, within a trust, with Minimum investment from 2 million pesoshigh capital gains.
And, something important: the investor doesn’t just get a return. It becomes part of the label, has vacation access to the entire collection and is integrated into a Mexican project with a cultural, artistic and human vision.
FM: In a market saturated with boutique hotels, what is the true differentiator?
JMQ: The soul. It sounds romantic, but in business it weighs. People may forget the design, but they never forget how it felt. We take care of both guests and collaborators. If the work experience is extraordinary, the hospitality is too.
That virtuous circle—internal culture, strong concept, meaningful art, personal service—translates into high occupancy, healthy rates, and international reputation.
That is why the three MICHELIN Keys were a consequence, not an objective. Our model is based on service, it is people taking care of people.
FM: Where is Pug Seal going in the next few years?
JMQ: To grow with meaning. Let Mexicans know Mexico through Pug Seal. We don’t want a string, we want a collection. We are motivated to create projects that tell Mexican stories, that honor the land on which they are built and that generate value for everyone: guests, collaborators and investors.
If we keep doing that, the numbers will come by themselves. We already demonstrated it.
FM: What would you say to someone considering investing in Pug Seal?
JMQ: That you are entering a project where value is everywhere: in the land, in the operation, in the brand and in the soul. And where the most important thing is not the luxury you see, but the luxury you feel.
