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 based.
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.