Limestone Capital Buys Mar Y Pins Hotel Mallorca To Rebrand Aethos
Main Photo: The Mar Y Pins Hotel, to be rebranded Aethos Mallorca
Date: November 2021
Name: The Mar Y Pins Hotel, to be rebranded Aethos Mallorca
Location: Peguera, 25 km Palma de Mallorca Airport
Number of Keys: 51
Seller: Harald Fischl, an Austrian entrepreneur, who remains a partner and minority shareholder. He acquired the hotel for around €13m in 2017, at auction following the receivership from the previous Russian owner
Buyer: Limestone Capital, a private equity firm who also owns Aethos Hotels, with five hotels under development in Portugal & Italy
Limestone Capital, a private equity firm with a focus on tech-driven hospitality investments, is pleased to announce the acquisition of the former Mar Y Pins hotel on Mallorca. The seller, Austrian entrepreneur Harald Fischl, remains a partner and minority shareholder in the project and will collaborate with Limestone and Aethos on reviving this exceptional asset, and taking the four-star hotel to five-star.
“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,” says Limestone Capital Managing Partner and co-founder Benjamin Habbel.
The property, located in Paguera between Palma and Port d’Andratx with direct water and beach access, comprises over 4,700 square meters with 51 rooms, most of which offer stunning ocean views and balconies, multiple bars, an ocean view restaurant, a spa, and the plans to build a beach club and rooftop lounge. For the expansive renovations and development of this unique asset, Limestone has tapped Aethos Hotels & Clubs which specialises in innovative and modern hospitality solutions with the goal to optimize returns for owners while delivering authentic, invigorating travel experiences for today’s aspirational explorers. For the design, a collaboration with Astet Studio from Barcelona and the Mallorcan architect Beatrice Ballesteros will deliver the modern, soft minimalist luxury the brand is already known for by using a wide range of natural materials, such as reclaimed wood, natural stones and creating a more sustainable energy concept.
Limestone will continue to source highly attractive investment opportunities in key markets, where the firm’s data-driven in combination with qualitative network-driven research, foresees a strong recovery as certain segments of tourists return to travel and spend over-proportionally to the rest of the industry. Focus will be particularly on Switzerland, Italy, Portugal and the Mediterranean, where Limestone has a strong infrastructure and presence.
Price: Undisclosed
THPT Comment: A great buy for Limestone who launched a European Hospitality Fund back in October 2020, and have acquired prize assets since.
First Seen: Limestone Capital press release
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market. For more information – Visit www.thpt.co.uk or email info@thpt.co.uk
