Leisure and retail
High Tech Hoteles was a start-up hotel chain, led by an experienced management team, which owned several hotel brands.
As the world’s largest tourist market, Spain was dominated by small family-owned hotels with a low presence of large-scale chains, particularly in the three-star segment. Palamon believed there was an opportunity to build out a sizeable chain of hotels primarily three star and lower four star hotels, mainly in city centres.
Having experienced that the ramp up of hotel units took longer than initially forecast, Palamon took the opportunity to sell its stake to a local private equity firm within one year to return an early result to the Funds.