Spain: The former Mar Y Pins hotel on Mallorca has been sold to Limestone Capital, which will redevelop the property and reposition it under the Aethos Hotels & Clubs brand.
The purchase marks the seventh hotel acquisition in three years for Limestone Capital’s Growth Hospitality Funds.
Seller Harald Fischl will remain a partner and minority shareholder in the project. He will collaborate with Limestone and Aethos on redeveloping the property.
Located in Paguera between Palma and port d’Andratx, the hotel comprises 51 rooms, several bars, an ocean view restaurant and a spa. There are plans to build a beach club and rooftop lounge. The design will be overseen by Astet Studio and architect Beatrice Ballesteros.
Benjamin Habbel, managing partner at Limestone Capital, said: “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 will continue seeking investment opportunities in key markets with a focus on Switzerland, Italy, Portugal and the Mediterranean. The group’s Hospitality Growth Fund is backed by European family offices including general partner’s Alex Schütz family office in Vienna and Christian Angermayer’s Apeiron Investments.
