Private equity firm Limestone capital has bought the the former Mar Y Pins hotel on the Spanish island of Mallorca for an undisclosed figure.
The seller, Austrian entrepreneur Harald Fischl, remains a partner and minority shareholder in the project and will collaborate with Limestone and new operator Aethos Hotels & Clubs.
The deal is the seventh hotel acquisition in three years for Limestone Capital’s Growth Hospitality Funds, and its first in Spain.
“There has never been a better time for hospitality investment opportunities; we focus on complex deals where we see significant upside through our transformation approach: physical interventions, modern quality design, mixed with a world class operations team delivering creative and innovative experiences to please the expectations of today’s lifestyle traveler. Together we deliver rapid value creation for our fund investors and partners,” Limestone Capital managing partner and co-founder Benjamin Habbel, said.
The property is located in Paguera between Palma and Port d’Andratx with direct water and
beach access, comprises over 4,700 square meters with 51 rooms.
Limestone will continue to look at further deals in the sector with a focus on Switzerland, Italy, Portugal and the Mediterranean, where the firm has a strong infrastructure and presence.
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Limestone's Benjamin Habbel will be speaking at Questex's upcoming Resort & Residential Hospitality Forum in the Algarve between 25 and 27 October. |