News release

JLL secures +50% LTV financing for Limestone Capital's Madrid hotel acquisition

JLL advised Limestone Capital on securing financing for the acquisition and rebranding of a prime central Madrid hotel located on C. de Atocha, 49, Centro, 28012 Madrid, Spain

April 05, 2024

Nicole Sansom

EMEA Communications Manager
+44 7543 305 152

The financing was provided by Banco Pichincha España in the form of a senior debt facility, with a loan-to-value ratio exceeding 50%. This financing will be used to refinance the acquisition and repositioning of the hotel, which will be rebranded under the Aethos brand. Aethos, a five-star brand, represents the next generation of experience-led boutique hotels and member clubs, founded on the belief that travel and hospitality should leave a positive and lasting impact on guests' physical, mental, and emotional well-being.

JLL’s Debt and Structured Finance team, who led the financing representing the borrower, included Senior Director Claudio Sgobba, Director Karan Mahajan, Director Amadeo Gimenez, Senior Analyst Elena Roberts and Analyst Nathalie Kerr.

Grazi Angelucci Paineli, Managing Director of M&A at Limestone Capital said, "We are grateful to the team at JLL for their assistance and the great outcome achieved. The lower availability of finance across the market has been well-publicised, but the refinancing of our Madrid hotel demonstrates the unique attributes of this asset including its rich history, 88 well-appointed rooms and best-in-class amenities. In addition, its prime location and potential value as an Aethos hotel further contribute to its appeal.

Claudio Sgobba, Senior Director, Debt and Structured Finance, EMEA, JLL, said: “We’re pleased to have supported Limestone Capital on securing this financing solution, which is demonstrative of the depth of liquidity for high quality assets in the hospitality sector, despite ongoing macroeconomic headwinds.”

Amadeo Giménez, Director, Debt and Structured Finance, EMEA, JLL, adds: “This financing also shows that interest in the Spanish hotel sector is continuing at an upward trend, with innovative Value Add proposals that are committed to expanding the offer within the luxury segment.”

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Limestone Capital

Limestone Capital is a vertically integrated swiss-based private equity firm that delivers value through transformation in the travel & leisure industry. Limestone's core focus is on value-add, special situations, and distressed opportunities, where they source, develop, and operate unique properties and operating companies often requiring significant repositioning, management change, and quality design. Most investments follow a branded platform strategy where value-add real estate is transformed by scalable, technology-enabled operating brands and seasoned management teams delivering double digit returns for shareholders and investors. Its platforms, including Aethos Hotels, Emerald Stay, and others operating over €1 Billion in real estate assets and have been featured globally in Architectural Digest, Bloomberg, Condé Nast Traveler, Financial Times, Forbes, Vanity Fair, Vogue, and amongst many others.

About Aethos Hotels

Aethos represents the next generation of experience-led boutique hotels and member clubs, founded on the belief that travel and hospitality should provide an experience leaving a positive and lasting impact on the body, mind, and spirit. With destinations in Italy, France, and Portugal, and upcoming openings in Spain and other countries, Aethos celebrates the curiosities of local culture and transforms travel into an immersive experience. With over €100 million in funding and set to launch 5 new destinations in the next 2 years. Aethos is the fastest growing lifestyle hospitality brand in Europe.

About Banco Pichincha España

Banco Pichincha España was established as a Spanish Bank in 2010, being the first Latin American Bank to obtain a banking license in Spain and Europe. Banco Pichincha España is part of a multinational financial group established in 1906, composed of 11 banks operating in 6 countries. Banco Pichincha España is a very active actor in corporate finance and real estate financing in Spain, focused on supporting their clients to obtain the necessary financing to develop their projects.