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 Partners is the investment adviser to the BOSCALT Hospitality Fund.
BOSCALT Hospitality Fund is a Luxembourg based RAIF-SICAV. The fund is focused on the upscale to luxury segment of the hotel market, in prime locations of key European cities, requiring a high level of hospitality expertise and resources to deliver long-term value.
Strategic partnership with Edmond de Rothschild
STRONG PARTNERSHIP
Unique partnership leveraging on Edmond de Rothschild’s Private Equity expertise and the BOSCALT Partners’ investment track record in luxury hospitality.
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.
Edmond de Rothschild Private Equity : A bold reference partner
Boscalt is a member of the Edmond de Rothschild Private Equity Partnership, along with 12 other investment teams.
Each team brings specialization and expertise around a specific theme. Together, they create a unique and differentiating value proposition, a source of synergies and complementarity.
As an independent player within the Edmond de Rothschild Group, Edmond de Rothschild Private Equity shares the group’s conviction-driven approach: “bold builders of the future”. This conviction is reflected in all our private equity strategies and in a strong commitment to a sustainable approach and the selection of investment opportunities that are rooted in the real economy and have a positive impact on society and the environment.
With over 190 professionals, a presence in 13 countries and more than €3 billion in assets under management, Edmond de Rothschild Private Equity focuses on 15 forward-looking strategies that address the key societal challenges of today and tomorrow. All share ambitious goals and contribute to measurable and sustainable improvements in the quality of life of people and the protection of the environment.
Edmond de Rothschild Private Equity and its partners act as responsible investors and put their experience, determination and creativity at the service of a shared ambition: to achieve a societal transition.
Stakeholders
aifm
Edmond de Rothschild Private Equity
Auditors
PWC
VALUER
CBRE
Administration
& custodian
bank
Edmond de Rothschild (Europe)
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.
Olen Pottier
CFO
20+ years of experience in external auditing and accounting at O'Connors Davies Munns Dobbins and Deloitte.
Ivan Cukon
Chief Investment Officer - Boscalt Hospitality Value-Add Funds
+15 years extensive experience in global real estate investment strategy and portfolio management, across diverse regions, such as Europe, the USA, Caribbean, and LATAM.
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
What does Boscalt do and where?
What kind of hotels does Boscalt look for and where?
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
Focus on underperforming assets
Assets requiring CapEx injections
Independent owners and small corporations that are willing sellers
Family ownership structures with succession issues
Owners in financial distress
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
Focus on underperforming assets
Assets requiring CapEx injections
Independent owners and small corporations that are willing sellers
Family ownership structures with succession issues
Owners in financial distress
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 lease and management 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 lease and management 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
What
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
Evaluation of Environmental policies, potential environmental liabilities and decontamination
Workforce evaluation and definition of a transition action plan for existing workforce
Corporate Management assessment and anticorruption practices evaluation.
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
Evaluation of Environmental policies, potential environmental liabilities and decontamination
Workforce evaluation and definition of a transition action plan for existing workforce
Corporate Management assessment and anticorruption practices evaluation.
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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