Andorra • Luxembourg • Spain
About us
BOSCALT is a real estate private equity firm investing in hotels across major European cities. The firm creates substantial value by combining hospitality, real estate, corporate finance and sustainability expertise.
Boscalt Hospitality Sàrl is the investment advisor to Boscalt Global Hospitality Fund SICAV-RAIF, a Luxembourg-based real estate hospitality investment fund dedicated to invest in midscale to luxury hotel properties located in prime locations of key European cities. The Fund implements a core/core+ investment strategy.
Focused assets
INVESTMENT STRATEGY
Following previous investments under a value-add approach, Boscalt has identified the opportunity in the current cycle to focus on a core/core + investment strategey, addressing current real estate investor apetite and hospitality market dynamics.
200+ Years
EXPERIENCED TEAM
Established team with recognized international experience in hospitality, real estate, sustainability and financial management.
11 investments
TRACK RECORD
A respectable track record of 11 high-end and luxury hotels in a geographically diversified European portfolio of over €600 million in AUM.
Between all vehicles, the team raised over €300 million of capital.
Stakeholders
AIFM
Audentia Capital
Management
Auditors
Deloitte
Luxembourg
ADMINISTRATIVE AGENT
Trustmoore
Luxembourg
depositary & custodian bank
Zarattini International
Luxembourg Branch
Team
Jaume Tàpies
Founding Partner & CEO
30+ experience in hotel management, real estate development, and financial investment, including 8 years as international Chairman of Relais & Châteaux.
Liza MasÍas
Founding Partner & Executive Chairman
20+ years of experience in the management, marketing and financing of international hotels, including 12 years as Business Development Director for Inkaterra Hotels.
Paloma Arruti
CEO - Boscalt Global Hospitality Fund
+20 years of experience in the financial and real estate sectors working at Citi Bank (London) in European real estate M&A and equity capital markets, Renaissance Capital (London), JLL’s Hotel Investment team (Spain) and PwC M&A.
INÉS CHAMARRO
Partner Legal
20+ years of experience in corporate law, acquisitions in hospitality as well as real estate investment and finance transactions.
Pilar López Carracedo
Partner & COO
15+ years of experience in asset and operations management as well as in commercial law.
Strategy
Our approach to investment
Type and characteristics of assets
Market intelligence
In-house
Detailed analysis of target cities and markets
Analysis of specific target city sub-cycles to spot arbitrage opportunities
Identify investment opportunities that fit the strategy
Continual monitoring of target cities through BOSCALT City Attractiveness Index
Hospitality database
Complete list of all the major hotels in Europe updated quarterly
Detailed information on hotels in target cities
Specific market intelligence on independently owned hotel
Database of financial information relating to thousands of European hotel companies
In-house
Detailed analysis of target cities and markets
Analysis of specific target city sub-cycles to spot arbitrage opportunities
Identify investment opportunities that fit the strategy
Continual monitoring of target cities through BOSCALT City Attractiveness Index
Hospitality database
Complete list of all the major hotels in Europe updated quarterly
Detailed information on hotels in target cities
Specific market intelligence on independently owned hotel
Database of financial information relating to thousands of European hotel companies
Industry Knowledge
network
Pipeline
Proactive fieldwork
Regular visits to target cities
Identification of likely targets
Long standing network of industry players including hotel owners, industry advisors, lawyers and financial institutions
Regular events to maintain relationships with long term potential vendors
Target asset
Core and core + assets
Focus on hotel properties with attractive risk-adjusted return
Assets with attractive acquisitions prices and low Capex requirements, capable of benefiting from the Fund’s management to achieve long-term stable cash flows
Full-service sizeable hotels, on the midscale to luxury segments
Pipeline
Proactive fieldwork
Regular visits to target cities
Identification of likely targets
Long standing network of industry players including hotel owners, industry advisors, lawyers and financial institutions
Regular events to maintain relationships with long term potential vendors
Target asset
Core and core + assets
Focus on hotel properties with attractive risk-adjusted return
Assets with attractive acquisitions prices and low Capex requirements, capable of benefiting from the Fund’s management to achieve long-term stable cash flows
Full-service sizeable hotels, on the midscale to luxury segments
Selecting
Screening
Valuation of the existing business model
Evaluation of operator and brand
Assessment of current sales and marketing strategies
Analysis of operations efficiency
Assessment of real estate utilization, efficiency and obsolescence
Evaluation of sustainability
Strategy definition
Selection of the most suitable operator, brand and type of management contract
Identification of a sales and marketing strategy
Projection of cash flows
Identification of scope, amount and timing of the required CapEx
Definition of sustainability program
Screening
Valuation of the existing business model
Evaluation of operator and brand
Assessment of current sales and marketing strategies
Analysis of operations efficiency
Assessment of real estate utilization, efficiency and obsolescence
Evaluation of sustainability
Strategy definition
Selection of the most suitable operator, brand and type of management contract
Identification of a sales and marketing strategy
Projection of cash flows
Identification of scope, amount and timing of the required CapEx
Definition of sustainability program
Acquiring
Deal structuring
Complete due diligence
Perform detailed negotiation including earn-out structures or options (put, call, etc.)
Set-up efficient company and tax structures
Leverage negotiations and hedging strategies
Acquisition
Execution of SPA
Execution of operator and branding agreements
Execution of re-financing
Take-over
Deal structuring
Complete due diligence
Perform detailed negotiation including earn-out structures or options (put, call, etc.)
Set-up efficient company and tax structures
Leverage negotiations and hedging strategies
Acquisition
Execution of SPA
Execution of operator and branding agreements
Execution of re-financing
Take-over
Creating Value
Branding and marketing
Implementing new brands
Advising and validating marketing plans
Supporting operators to define commercial strategies
Maximizing revenue management
Capital expenditure
Defining the necessary upgrades to fit the operator brand standards
Controlling developments and CapEx budgets
Administering reserves
Optimizing property management
Operations
Implementing new operators and processes
Ensuring compliance of existing operation agreements (management agreements, lease and franchise agreements)
Enhancing human capital
Driving improved productivity, performance, streamlining cost and maximizing revenue
Reviewing, challenging and approving operating budgets
ESG
Diagnosing the environmental, economic and social sustainability impact
Implementing improved environmental footprint and social impact targets assuring a net economic benefit
Deploying plans and metrics
Monitoring performance
Branding and marketing
Implementing new brands
Advising and validating marketing plans
Supporting operators to define commercial strategies
Maximizing revenue management
Capital expenditure
Defining the necessary upgrades to fit the operator brand standards
Controlling developments and CapEx budgets
Administering reserves
Optimizing property management
Operations
Implementing new operators and processes
Ensuring compliance of existing operation agreements (management agreements, lease and franchise agreements)
Enhancing human capital
Driving improved productivity, performance, streamlining cost and maximizing revenue
Reviewing, challenging and approving operating budgets
ESG
Diagnosing the environmental, economic and social sustainability impact
Implementing improved environmental footprint and social impact targets assuring a net economic benefit
Deploying plans and metrics
Monitoring performance
Track Record
LUXURY ★★★★★
UPPER-UPSCALE ★★★★
UPSCALE ★★★
Where
Focus exclusively on prime locations in key European cities.
ESG
Responsible Investment
BOSCALT is an Article 8 hospitality Private Equity and Real Estate Fund in accordance with the SFDR (Sustainable Finance Disclosure Regulation). Such assets provide essential services and need to address the various environmental and social considerations of the communities they serve. We ensure that our stakeholder ́s expectations of well-designed infrastructures that optimize benefits and mitigate adverse effects on their environment, are aligned with ESG risk management and financial performance. This lays the foundation of the environmental and social management system (ESMS) that is put in practice.
You will find the website disclosure for an article 8 fund here
Sourcing, Screening and Due Diligence
Pre-investment in environmental due diligence conducted in accordance with market standards and best practices.
Commitment to workforce well-being, promoting career development initiatives that contribute to overall market enhancement.
Governance structure review focused on aligning with international frameworks and agreements to ensure effective sustainability integration.
Operations:
Refurbishment
Eco-design of the building: selection of low environmental impact materials, enabling optimization of usage and quantities
Ensure selection of subcontractors enforcing socially responsible practices
Supply chain risk management for construction materials
Operations:
Hotel Management
Energy management: type of energy consumed, autonomous building, energy performance, waste management; optimization of samples (3R)
Decent living wage thanks to their work: stability, sufficient hours, decent salary, health and safety, equal treatment, freedom of association, social dialogue, no forced labor
Customer satisfaction and complaint management; Supply chain risk management for consumables, integration within community: mobility and accessibility
ESG
Responsible Investment
BOSCALT is an Article 8 hospitality Private Equity and Real Estate Fund in accordance with the SFDR (Sustainable Finance Disclosure Regulation). Such assets provide essential services and need to address the various environmental and social considerations of the communities they serve. We ensure that our stakeholder ́s expectations of well-designed infrastructures that optimize benefits and mitigate adverse effects on their environment, are aligned with ESG risk management and financial performance. This lays the foundation of the environmental and social management system (ESMS) that is put in practice.
You will find the website disclosure for an article 8 fund here
Sourcing, screening
and due diligence
Pre-investment in environmental due diligence conducted in accordance with market standards and best practices.
Commitment to workforce well-being, promoting career development initiatives that contribute to overall market enhancement.
Governance structure review focused on aligning with international frameworks and agreements to ensure effective sustainability integration.
OPERATIONS:
REFURBISHMENT
Eco-design of the building: selection of low environmental impact materials, enabling optimization of usage and quantities
Ensure selection of subcontractors enforcing socially responsible practices
Supply chain risk management for construction materials
OPERATIONS:
HOTEL MANAGEMENT
Energy management: type of energy consumed, autonomous building, energy performance, waste management; optimization of samples (3R)
Decent living wage thanks to their work: stability, sufficient hours, decent salary, health and safety, equal treatment, freedom of association, social dialogue, no forced labor
Customer satisfaction and complaint management; Supply chain risk management for consumables, integration within community: mobility and accessibility
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