Lucia Penrod, the CEO of the global luxury brand Nikki Beach and the Nikki Beach Hospitality Group — which spans 11 beach clubs, five resorts and hotels, residences, fashion and dining ventures — discusses the evolution of her family business; her philanthropic initiative, Nikki Cares; and the future of this brand.
Nikki Beach is a luxury brand known around the world from Miami Beach to Saint-Tropez, but it was originally inspired by a family tragedy. Can you share that story with us?
Let me start by giving some background on my husband, Jack Penrod, and how we met and began working together. Jack’s beginnings were humble, working his way up from a line cook at McDonald’s earning 85 cents an hour as a teenager to becoming one of the largest franchise owners within the corporation. His entrepreneurial spirit led him to open several bars and restaurants in South Florida.
In 1984, I moved from Nicaragua to Miami and worked for the diplomatic field in Miami with the governments of South Korea and Venezuela and shortly afterward joined Jack’s organization to manage the prestigious Jockey Club of Miami. Our partnership strengthened over the years, with me taking on roles such as project manager and later PR director during the opening of Penrod’s Beach Club at the iconic address of 1 Ocean Drive in Miami Beach. Our professional and personal life converged, and in 1995, we got married.
A profound turning point for us was the tragic loss of Jack’s 18-year-old daughter, Nicole, who passed away in a car accident in 1997. Rather than mourning her life, we decided to celebrate her life by transforming the pool area at Penrod’s into a beautiful butterfly garden named Cafe Nikki in her honor. The garden's success and the encouragement from our guests inspired us to expand the concept onto the beach. In 1998, we launched the first Nikki Beach, a venue that embodies the philosophy of “Celebrating Life,” combining the elements of music, dining, entertainment, fashion, film and art among all-white décor, teepees and international cuisine, all designed with Nicole in mind.
We never intended to build a global brand, but this concept quickly resonated with our guests; and at their request, we expanded to Saint-Tropez, then Saint Barth, and eventually opened locations around the world. We strongly believe in a very simple business strategy of “listen to your customers, and give them more of what they want. But truly listen.”
Do you consider this to be a family business, and if so, how many family members are involved?
Absolutely, Nikki Beach is a family business at heart. Several family members are deeply involved in its operations and play critical roles in maintaining the essence and core values of the brand. We also have many team members who have been with the brand for 10, 15 and even 20 years. They’ve grown with us and truly feel like an extension of our family. We’ve seen them grow up, get married and start families of their own. It’s this tight connection with our staff that ensures that the original spirit of celebrating life with friends and family, which the brand was founded on, continues to be at the forefront of our activities and initiatives.
Tell us all about your philanthropic initiative, Nikki Cares.
Nikki Cares is our philanthropic arm, through which we aim to give back to the destinations where we are based, on a local level. We believe in the importance of supporting the local communities that host our properties and ensuring that while we celebrate life, we also contribute positively to the lives of others and the environment around us, particularly through ocean conservation (as all of our locations are on or near the coast) and children’s causes. Children are the future, and we won’t have a home if we don’t take care of Mother Earth. These are the two main causes I prioritize and continuously work to support.
Today it’s a well-known lifestyle and luxury brand. What properties and concepts are included in your portfolio today?
As we’ve continued to grow over the past 25-plus years, we’ve evolved into a comprehensive hospitality group. We’ve become much more than just beach clubs; we’re a global luxury lifestyle brand. Our portfolio includes a variety of properties and concepts, including beach clubs, resorts, residences and restaurants. We also have a lifestyle division which operates lifestyle boutiques across many of our Nikki Beach locations as well as managing our e-commerce website.
Most recently, we launched our new brand concept, Lucia — a radiant new restaurant, bar and “Bain de Soleil” — on La Croisette. The name “Lucia” actually comes from the Latin word "lux," signifying all things light and bright. And my team thought it was the perfect name for this exciting new concept, inspired by the eternal glow of sunshine. While Nikki Beach features a very simple, neutral color palette, Lucia celebrates the extravagant, offering a beachfront restaurant dressed in a vibrant ensemble of colors, patterns and a rich tapestry of textures.
Our Nikki Beach brand has been a part of Cannes for nearly two decades, hosting many pop-ups during the Cannes Film Festival over the years. We’ve always felt a strong connection to and fondness for this iconic destination on the Côte d'Azur, located halfway between our European flagship, Nikki Beach Saint Tropez, and exclusive Nikki Beach Monte Carlo beach club. Cannes served as the perfect intermediate point, and inaugural location, for this new brand concept.
At the same time, we’re continuing to expand the Nikki Beach brand with a number of resorts and beach clubs currently in the pipeline in destinations including Muscat, Oman; Antigua, Caribbean; Baku, Azerbaijan; and Ras Al-Khaimah, United Arab Emirates.
How does Nikki Beach stand out in the competitive luxury hospitality market?
Our commitment to “celebrate life” every day with friends and family is our authentic purpose for the company and in our personal lives. We don’t create taglines for marketing purposes. Our business was not born in a boardroom; it was born out of family love. Authenticity in our business is key in maintaining customer loyalty. Our staff are a part of our family, and the emotional connection between us trickles down to our customers. It’s real! At Nikki Beach, we blend our signature elements of music, dining, entertainment, fashion, film and art into one. We provide our guests with an unmatched atmosphere where they can feel like part of a global community in luxurious-yet-unpretentious settings. This integration of barefoot luxury and lifestyle, coupled with our consistent focus on high-quality service and maintaining a connection to local cultures, allows us to offer a distinct experience that you can’t find anywhere else.
What’s next for the brand? What can we expect to see in the coming years?
Looking ahead, we’re exploring new opportunities to expand Nikki Beach's geographical footprint to new and exciting destinations that align with our brand values while also growing our new concept, Lucia, in metropolitan or even winter destinations where Nikki Beach would be a fit.
We’re also committed to continuously refining our offering at our existing locations. The majority of our beach clubs are seasonal, so every summer we unveil exciting renovations. This year we’ve completely revamped our Saint-Tropez and Ibiza locations.
Preserving legacy: Document family stories before it's too late
By JAMIE YUENGER
Let’s face it, procrastination is something we all grapple with. But when it comes to preserving family legacies, the stakes are much higher.
According to a study by the American Psychological Association, around 20% of adults are chronic procrastinators. While putting off tasks might seem harmless in the moment, delaying the documentation of family stories and histories can have devastating consequences, especially when dementia enters the picture.
In the world of ultra-high-net-worth families, legacy is about so much more than just wealth. It’s the stories, traditions and values passed down through generations that define what a family truly stands for.
Yet, a significant challenge often threatens this legacy — procrastination. The process of capturing stories, values, and life histories often gets pushed aside. Maybe it feels overwhelming, or there’s a belief that there’s always more time. But the reality is this delay can be incredibly costly. The memories and narratives that form the core of a family’s identity can fade — or worse, be lost entirely — especially if a loved one begins to experience cognitive decline.
The impact of dementia on memory and legacy
Dr. Richard Restak, a leading neurologist, has extensively studied how dementia impacts memory and cognitive function. Dementia doesn’t just affect the individual; it affects the entire family. It gradually erodes the ability to recall and articulate memories, often catching families off-guard.
Restak’s work focuses on understanding and preventing dementia, and his insights highlight a critical point: Early action in preserving memories is key to ensuring they aren't lost forever.
The National Institutes of Health reports that the risk of dementia rises with age. Although it is not an inevitable consequence of aging, about 25% to 30% of people age 80 or older have some form of dementia.
Dementia has a ripple effect on family legacy. When someone in the family — especially someone who holds a wealth of the family’s history — begins to suffer from memory loss, it’s not just their stories that are at risk. It’s also the lessons, values and experiences that could have been shared and passed down. Those are lost, leaving a void in the family’s narrative.
I recall an early poignant experience in my career when a grandson hired us to document his grandfather's stories. The man was one of the first Jewish students to attend Princeton College. We were able to capture his voice and a few of his earliest memories, but much of what he shared during the interviews was jumbled and lacked any basis in reality. It was clear that dementia had already taken a significant toll. Sadly, the project was completed just two months before the man passed away. Had the family engaged us three to four years earlier, we could have preserved much richer and more coherent memories.
The urgency of preserving family stories
From a strategic-planning perspective, the documentation of family stories should be seen as an integral part of broader wealth and estate management. Just as families meticulously plan for the financial future, so, too, should they plan for the preservation of their legacy. This ensures that the intangible assets — the values, principles and stories that define a family — are safeguarded alongside financial assets.
The good news is I’ve seen the immense value when families take early action. One of the most rewarding projects we worked on involved a woman in her 80s who had meticulously documented 14 generations of her family history, tracing back to the Scottish Highlands. She was clearheaded and was able to identify over 800 historic photos and documents. Today, she lives in a memory care unit, and her three sons are profoundly grateful that they captured her memories when they did. Her legacy is not just preserved; it's enriched with her own voice and perspective, something that would have been lost if they had waited any longer.
In our work, we see firsthand why early action is so important. Legacy film work isn’t just about capturing high-quality visuals; it’s about preserving the essence of individuals — their gestures, voices and wisdom. Legacy projects are about honoring loved ones while they are still here to feel how much they mean to their family and to be at peace knowing their story was told. Projects are a powerful way to bestow respect and capture the true spirit of a beloved family member.
Overcoming the tendency to delay
So, why do we procrastinate when it comes to preserving family stories? Psychological research gives us some clues: The task feels overwhelming, we fear confronting our own or others’ mortality, and we convince ourselves there will always be more time. But the data tells a different story.
The AARP conducted a survey that found that while 90% of people think documenting family history is important, fewer than 40% actually do it. This gap between intention and action is exactly why a proactive approach to legacy preservation is so critical.
In our work, we help families overcome inertia by breaking the process down into manageable steps. We focus on capturing the most essential stories and memories first, guiding families through a personal process that is as meaningful as the final product. It’s not just about getting it done; it’s about making the journey of documenting a family’s legacy a deeply rewarding experience.
For family office managers and advisers, integrating legacy preservation into your service offerings can provide immense value to your clients. It’s not just an add-on; it’s a vital component of holistic wealth management that ensures that the family’s values and stories are preserved for future generations.