EQS-News

029 Group SE: Portfolio company Limestone Capital acquires prime central Madrid hotel

EQS-News: 029 Group SE / Key word(s): Miscellaneous 029 Group SE: Portfolio company Limestone Capital acquires prime central Madrid hotel 09.10.2023 / 09:00 CET/CEST The issuer is solely responsible for the content of this announcement. Berlin, 9th October 2023. 029 Group SE (ISIN: DE000A2LQ2D0), a global hospitality and lifestyle platform, announces that its portfolio company Limestone Capital AG, a fully-integrated investment firm dedicated to identifying and creating value within the hospitality industry, has expanded its European presence with the acquisition of a prime central Madrid hotel.

Limestone Capital, a leading alternative asset manager with a focus on hospitality and travel, is pleased to announce the acquisition of Hotel Axel on Calle de Atocha, Madrid. Limestone acquired the operational hotel from Hotel Investment Partners (HIP), a leading owner of resort hotels in Southern Europe owned by Blackstone-managed funds. This marks Limestone's second hotel acquisition in Spain, solidifying its presence in the dynamic Spanish market.

Situated between Plaza Mayor and Park Retiro, the avant-garde hotel has a rich history and is well-known for its unique features. With its 88 well-appointed rooms, guests can enjoy a comfortable and relaxing stay. Additionally, the hotel features a rooftop pool, a vibrant bar and restaurant facilities, providing a vibrant city center experience for guests. Recognizing the tremendous potential of this prime location, Limestone Capital plans to continue to expand its potential value in the future.

Benjamin Habbel, CEO of Limestone Capital, expresses his enthusiasm for this acquisition, stating, "This acquisition represents a great milestone for Limestone Capital by expanding our presence in Spain and adding another urban destination to our European portfolio. We are deeply committed to the growing hospitality sector in Europe and actively exploring numerous avenues for value-add acquisition and growth."

Limestone Capital Co-founder Jeff Coe adds, "Madrid has shown strong growth in the hotel real estate market over the past few years, and that growth will continue by being a key European Capital and gateway city to the Americas. We are actively looking for unique assets in unique locations, and this hotel in Madrid fits perfectly within that strategy”.