Investment case studies

An off-market portfolio of nine Spanish hotels from URVASCO in 2018, implementing targeted CapEx, operational improvements, and specialised revenue management to enhance performance. The portfolio, managed under long-term lease agreements with the operator, achieved strong ESG outcomes, including energy-efficiency upgrades, BREEAM certification, and GRESB score improvements, all delivered within a low-risk, asset-management-focused mandate backed by a leading institutional investment manager and European pension funds.

Pygmalion Capital acquired a distressed portfolio of two Florence hotels, the off-market deal was negotiated over six months and structured to mitigate legacy liabilities. The team the repositioned one property as a DoubleTree franchise, optimised CapEx, restructured operations, and improved profitability. Sustainability measures included energy efficiency upgrades, BREEAM certification, and improved EPC ratings, with ethical governance maintained. The project received the HAMA Europe Award for growing asset value and returns.

Pygmalion Capital provided a mezzanine refinance for a 180-key Frankfurt hotel, which opened January 11 2026 under the Unbound Collection by Hyatt. Sourced off-market and executed in three days, the loan-to-own structure gives Pygmalion controlling rights if needed, with upside from acquiring a prime asset at a discount. Construction and operational phases were closely monitored to protect returns.