What We Shared at IHIF EMEA 2025: Doubling Down on Brand, Execution, and Opportunity

By Benjamin Habbel, Founder & CEO, Limestone Capital

Grateful to have joined this year’s IHIF in Berlin last month – always a powerful reminder of the scale of opportunity and energy in today’s hospitality sector.

I had the chance to speak about what drives us at Limestone Capital — making bold bets, partnering with hands-on founders with big visions and real execution experience, and applying a startup culture that allows us to move fast, focused, and first-principles-driven.

We talked about the growing demand for bold, differentiated concepts — and how we remain committed to creating long-term value through our branded platforms, including:

  • Aethos, opening new hotels in Mallorca, London (following our Nobu Shoreditch acquisition), and Madrid this year

  • LOISIUM, our wine & spa brand entering a major growth phase

  • Crafted, launching its first countryside resort in Sussex this summer

  • Voaara, our ultra-luxury brand focused on immersive experiences in remote, nature-first destinations

Hospitality is evolving fast. We feel fortunate to work alongside a growing team and a network of visionary founders who share our belief that this is one of the most exciting industries to build in — especially when you think big and stay committed.

Thanks to everyone who made IHIF so inspiring again this year!

Limestone Capital Acquires Nobu Hotel London Shoreditch

Limestone Capital, a leading hospitality-focused private equity firm, announced today the acquisition of the Nobu Hotel London Shoreditch, a five-star luxury hotel located in the heart of East London. The acquisition aligns with Limestone Capital’s strategy of investing in high-profile, design-led hospitality assets in premier urban locations.

Located in one of London’s most dynamic districts, the property offers 164 guest rooms, a restaurant, fitness and wellness facilities, and over 3,000 square feet of event space. The transaction represents a strategic investment in a market with strong demand drivers and limited supply of high-quality hospitality assets.

“We are pleased to add the Nobu Hotel London Shoreditch to our portfolio as we continue to expand our presence in key gateway cities,” said Benjamin Habbel, Co-Founder & CEO of Limestone Capital. “This acquisition underscores our confidence in the resilience of the London hospitality market and supports our strategy of acquiring well-located assets with strong value-add potential.”

Jeff Coe, Co-Founder & General Partner of Limestone Capital, added: “This property represents an attractive opportunity in a highly sought-after location. Our focus remains on acquiring prime real estate assets to enhance their performance and long-term value.”

The acquisition strengthens Limestone Capital’s presence in major European markets, following a series of successful transactions across the region.

Terms of the deal were not disclosed.

Limestone Capital leads LOISIUM Wine & Spa Hotels into next phase of European expansion

Limestone Capital has acquired a majority stake in LOISIUM Wine & Spa Hotels, marking a significant step in the brand’s expansion across Europe. Over the next twelve months, four new LOISIUM hotels are set to open in Italy and France backed by Limestone Capital commitment to invest over €100M into the expansion of the brand.

LOISIUM is renowned for its "Wine Retreatments in Europe's most beautiful wine regions", offering a unique combination of exceptional culinary offerings, spa experiences, and modern architecture. With its guiding principle, "Taste the Region", the brand seamlessly blends regional authenticity with a contemporary hospitality experience.

"LOISIUM represents an exceptional hospitality concept with strong growth potential. We are excited to bring our expertise to the table and support the brand in expanding into new markets while preserving its unique DNA," says Benjamin Habbel, Managing Partner at Limestone Capital.

LOISIUM’s established locations in Austria and France have already demonstrated the success of this concept on an international scale. The planned expansion into Italy and additional destinations in France represents the next milestone in this journey.

Laurent Branover, CEO of LOISIUM Wine & Spa Hotels, highlights the brand’s potential: "LOISIUM perfectly aligns with our investment strategy — an authentic, experience-driven hospitality brand with a deep connection to its regions and a strong focus on quality and sustainability. Our vision is to establish Europe's leading brand in wine tourism, with a commitment to expansion and the creation of a global brand. We are open to partnerships with hotel developers around the world who share our passion for wine."

With this acquisition, Limestone Capital is further strengthening its portfolio in the experiential hospitality sector, while LOISIUM continues its mission to redefine wine-inspired travel and relaxation.

Investing in Selar: A Revolutionary Vision for Sustainable Polar Exploration


At Limestone Capital, we are always on the lookout for visionary companies that are pushing boundaries of the experience economy, innovating, and creating solutions for a better future. Today, I am thrilled to announce our investment in Selar, the world’s first fully sustainable polar expedition company.

Selar isn’t just another travel business. It is the embodiment of a bold vision—one that blends technology, adventure, and a profound respect for nature. Founded by the pioneering Arctic Captain, Sophie Galvagnon, alongside experienced entrepreneurs Julia Bijaoui and Quentin Vacher, Selar is on a mission to decarbonize the cruise industry and offer a truly unique, eco-conscious exploration experience. The team’s track record of success and relentless dedication to innovation is precisely why we at Limestone Capital were drawn to this opportunity.

Why Selar?

From our first discussions, it was clear that Selar represented more than just a business—it's in line with the zeitgeist and many values we share - including sustainability, innovation, and impact. The company is building a fleet of close-to-zero-emission ships, harnessing natural power from the sun and wind to navigate the most pristine, untouched corners of the Earth. Each expedition offers adventurers the chance to explore the polar regions in complete silence, with no noise or pollution, leaving nothing but footprints.

What excited us most about Selar’s vision is their commitment to changing the way people experience the Arctic and Antarctic. They’re not just creating unforgettable journeys; they are setting new standards for environmental stewardship in the travel and tourism sector. Their ships are equipped with 20,000 square feet of solar panels and solid sails that dramatically reduce carbon emissions by 90%—a remarkable feat in an industry that currently matches the aviation sector in terms of CO2 output.

Backed by an Extraordinary Team

We believe in backing exceptional founders, and Sophie, Julia, and Quentin are exactly that. Sophie’s experience as the first female Arctic captain speaks to her leadership and deep connection to the polar regions, while Julia and Quentin’s entrepreneurial backgrounds are essential to scaling Selar’s vision. Together, they are redefining what sustainable exploration looks like.

A New Frontier for Travel

By 2026, when Selar embarks on its maiden voyages, passengers will have the rare opportunity to experience the Arctic like never before—whether swimming alongside orcas, skiing untouched fjords, or observing polar bears in absolute tranquility. Selar's expeditions will offer the ultimate in personalized, off-the-beaten-path adventure, designed to inspire a deeper understanding and appreciation of our planet.

At Limestone Capital, we are not just investors—we are entrepreneurs ourselves backing founders with extraordinary visions and willingness to go the extra mile. We also believe in the power of business to drive positive change, and we are incredibly proud to support Selar on their journey to revolutionize polar exploration and protect these fragile ecosystems for future generations.

We look forward to being part of this groundbreaking adventure.

— Benjamin Habbel, Founder, Limestone Capital AG

Emerald Stay becomes market leader in Saint-Tropez by acquiring two exclusive villa management companies

We are pleased to announce that our portfolio company, Emerald Stay, has successfully acquired a majority stake in Bo-House SAS and Fabio Home Services SAS, two premier property management companies operating in the Saint-Tropez region. This strategic acquisition will significantly enlarge Emerald Stay’s footprint in the luxury rental and property management market, positioning it as the de facto market leader in the Saint-Tropez rental market. Limestone Capital recently increased its stake through an investment round in Emerald to fuel further growth and expand its successful buy and build strategy.

By integrating Bo-House and FHS, Emerald Stay aims to leverage the strengths of both companies, ensuring streamlined operations and enhanced service offerings to its global guest audience. The acquisition aligns with Emerald Stay’s strategy to establish itself as a leader in the luxury rental and property management market in European's premium beach and mountain destinations, and fit perfectly with the other premium rental operators previously acquired in Verbier and Mallorca.

This acquisition is a pivotal step for our portfolio company, Emerald Stay, and it significantly bolsters our portfolio in the luxury hospitality market. By integrating Bo-House and Fabio Home Services, we enhance our market leadership in Cote d‘Azur, reflecting our commitment to transforming hospitality through innovative, technology-driven operations. This acquisition further underscores our strategy to drive growth and deliver exceptional value to our investors.

Limestone Capital bolsters Italian presence with the acquisition of a Luxurious resort hotel in Sardinia, Italy

Zug, March 5th, 2024 - Limestone Capital AG, a leading alternative investment manager with a focus on hospitality and travel, is delighted to announce the acquisition of a luxurious resort hotel on Sardinia’s emerald coast, marking a significant addition to its growing portfolio of four hotels in Italy.  

This strategic acquisition reflects Limestone's commitment to value creation through the repositioning of the property as an Aethos hotel, aiming to elevate it to a modern 5-star standard and enhance operational performance to drive profitability.

The luxurious five-star resort is set to open in May 2024 under the Aethos brand offering guests a secluded oasis in the heart of the Mediterranean. (aethos.com/sardinia)

The hotel will have a total of 64 rooms and suites, and the resort's architecture seamlessly blends culture and nature, with amenities like freshwater pools and a gym. Culinary experiences from ZAÏA Sardinia will feature a fusion of Mediterranean and Middle Eastern flavors. Wellness offerings will include holistic treatments, while curated oceanic adventures allow guests to connect with nature.

Benjamin Habbel, CEO of Limestone Capital, expresses his enthusiasm for this acquisition, stating, "This acquisition represents a great milestone for Limestone Capital by expanding our presence in Italy and adding a luxurious asset in a globally renowned resort destination to our European portfolio. We are deeply committed to the growing hospitality sector in Europe and actively exploring numerous avenues for value-add acquisition and growth."

The interior design will be executed by Barcelona-based Astet Studio, aiming to maintain the essence of the authentic architecture of Sardinia and complement its interiors with a refined and fresh design focused aesthetic. 

Limestone Capital Co-founder, Jeff Coe adds, "This transaction reconfirms Limestone Capital’s conviction in the long term prospects for the European leisure market and our belief that there is also significant pent-up demand for leisure travel. As we progress with our strategic growth plan, bolstered by existing assets across France, Spain, Italy, and Portugal, renowned for their top-tier hospitality, acquiring this hotel underscores our dedication to the European hotel sector”. 

Limestone Capital's strategic growth aligns seamlessly with its mission to provide unparalleled hospitality experiences to discerning travelers who seek excellence. The acquisition of the Sardinia hotel marks a significant milestone in bringing this vision to fruition.

On The Edge Summit 2023

Forty minutes north of Lisbon, in the picturesque coastal town of Ericeira, Portugal, Limestone Capital in collaboration with Alpine Space Ventures hosted the second edition of its annual event, the On the Edge Summit at Aethos Ericeira. The intimate gathering is envisioned as a place to bring together entrepreneurs, scientists, visionaries and investors that are operating at the edge of their field - meeting on the edge of the European continent on top of a breathtaking 40 meter cliff. With this edition, the summit brought together luminaries from the fields of Space Tech, Deep tech, Bio tech and Longevity and Travel & Leisure.

In addition to thought-provoking discussions and networking, the fully booked three-day invitation-only gathering provided our attendees with a range of exceptional experiences, including surf classes, wine tastings, e-bike rides along the cliffside, yoga classes and luxury spa time. There was something for every individual guest at the Summit.

Attendees kicked off their experience with an aperitivo followed by a warm welcome from the hosts, Benjamin Habbel and Jeff Coe, Co-founders of Limestone Capital, alongside Joram Voelklein, Founding Partner of Alpine Space Ventures.

At the heart of the "On the Edge Summit," a captivating series of panel discussions unfolded, each session a beacon illuminating the summit's exploration of the frontiers of knowledge, innovation, and investment.

Karan Kunjur, CEO & Co-Founder of K2 Space, kicked off the discourse with a visionary exploration of "The Future of Satellites," shedding light on their transformative potential. Positioned against the market trend, Karan shared K2 Space plans to revolutionize satellite design, diverging from smaller, compact models. The company aims to leverage the cost advantages of next-gen launch vehicles, such as SpaceX’s Starship. K2 is developing two satellite buses, Mega and Giga, offering unprecedented power levels. The stackable, scalable design enables customers to operate cost-effective high-powered constellations, potentially opening access to higher energy orbits.

Limestone Capital Co-Founders, Benjamin Habbel and Jeff Coe, engaged in a robust dialogue about real estate investments amidst a paradigm shift in the industry. They provided insights into the challenges and opportunities presented by the evolving market dynamics, covering topics such as the pandemic, high inflation, higher interest rates, and the boom in the luxury hospitality sector as a viable investment strategy. The discussion also included the benefits of being a vertically integrated value-add investor during the current cycle of the commercial real estate sector.

Joram Voelklein, Founding Partner of Alpine Space Ventures, Europe’s leading New Space Venture Capital fund, led by some of SpaceX’s most renowned former executives, introduced us to the burgeoning space industry and some of the most exciting investment opportunities in satellite connectivity and Earth observation. Joram took center stage in this session, offering a deep dive into the ventures and opportunities within the Alpine Space ecosystem. The conversation explored the intersection of technology, space, and investment.

Joana Andrade, a remarkable figure in the world of professional surfing, brought a unique perspective to the "On the Edge Summit." Known for her fearless approach to the waves and dedication to pushing the boundaries of her sport, Andrade shared valuable insights into the life of a professional surfer and delved into the challenges and triumphs of navigating the dynamic and often unpredictable world of surfing. Through her compelling narrative, Andrade not only highlighted the physical demands of the sport but also emphasized the mental resilience required to overcome fears and consistently pursue excellence in the ever-changing realm of professional surfing.

David Kownator, CFO of Isar Aerospace, joined Joram Voelklein to discuss a groundbreaking initiative, a privately funded European rocket launcher solution meeting the quickly rising demand for small and medium-sized satellite transport into space. Emphasizing their full vertical integration, the founder-led company showcased proprietary systems in propulsion, avionics, software, and structures. The Spectrum rocket, a focal point of the presentation, features a novel propellant set designed to substantially cut emissions. With streamlined manufacturing and design, Isar Aerospace aims to dramatically reduce rocket launch costs, positioning itself as a key player in Europe's advancing space exploration. 

Maxime Friess, CEO & Co-Founder of Emerald Stay, shared profound insights into the challenges and innovations driving luxury hospitality scaling. Addressing the booming market of high-end holiday homes, Maxime highlighted the friction for owners dealing with Airbnb, maintenance, and customer management. Emerald Stay provides an effective solution, transforming properties into yield assets with minimal hassle. Their asset-light model, featuring revenue sharing, exclusive contracts, and strategic acquisitions, has resulted in significant growth. Positioned uniquely in the European market with no direct competitors, Emerald Stay has achieved a remarkable €20 million revenue run rate, experiencing a 20x increase since pre-COVID levels and is currently further scaling the business via an M&A strategy.

The last decade has seen an explosion in our understanding of how critical molecular processes deteriorate with age. Juliette Han, CFO & COO of Cambrian BioPharma, a clinical-stage biopharmaceutical company that partners with world-leading scientists who have made breakthroughs in aging research to create new therapeutics that are developed in-house. Juliette discussed Cambrian's pipeline, including a pan-AMPK activator in phase 1b trials, a safe mTOR inhibitor for chronic use, and a novel approach to lengthen cellular telomeres without cancer risk. Emphasizing a shift from disease care to prevention, she highlighted the importance of advancing preventative medicines for a better quality of life.

Pierre-Antoine Mudry of Rejuveron Life Science explored the "Seven (+1) Keys to Longevity", addressing the urgent need for solutions as the aging population increases, highlighting the escalating burden of age-related diseases. Pierre-Antoine detailed the "Twelve Hallmarks of Aging," explaining their impact and the role of chronic diseases. Additionally, the session provided practical insights for individuals to age well, dispelling myths about genetic determinants. The talk concluded by emphasizing the economic and societal costs of age-related diseases and the promising future of longevity drugs.

Ricardo Rodrigues, Portugal's #1 Master Sommelier, guided attendees through a sensory journey, exploring Portugal's rich wine heritage. The wine tasting session showcased the importance of experiential travel in luxury hospitality through the lens of a master sommelier.

 These panel discussions added a layer of depth to the Summit, providing attendees with diverse perspectives and actionable insights that resonated across various industries and sectors.

The surfing class with Joana Andrade and her awesome Team at Ericeira was an unforgettable experience! They taught us the ins and outs of surfing while we had a blast riding the epic waves and taking in the breathtaking & picturesque coastline. It was the perfect ending to the On the Edge Summit, leaving us with incredible memories and a real sense of achievement.

Closing Thoughts: A Summit Beyond Expectations

The second Edition of the "On the Edge Summit" at Aethos Ericeira went beyond being a gathering; it was a convergence of ideas, innovation, and the exploration of frontiers in investment. Against the backdrop of coastal elegance, attendees engaged in discussions that resonated with the spirit of the location – dynamic, inspiring, and forward-looking.

As the sun set over the Atlantic, the summit's impact lingered, echoing the commitment of Aethos Ericeira to be a space where boundaries are pushed, connections are forged, and the future is envisioned. The second annual summit was not just an event; it was an experience etched into the coastal tapestry of Aethos, ready to inspire future gatherings and explorations.