Hotels

4Founders Capital Hospitality FCRE SA is a €60 million hotel real estate fund launched in January 2026 by 4Founders Capital, a Barcelona-based investment management firm founded in 2017 by Jesús Monleón, Marc Badosa, Javier Pérez-Tenessa, and Marek Fodor, later joined by Paula Blázquez. The fund is registered with Spain's Comisión Nacional del Mercado de Valores (CNMV) under number 239, and represents 4Founders Capital's first fund specialized in hotel real estate — a strategic expansion of the firm's investment activity beyond its established venture capital franchise, which by the time of the launch had surpassed €130 million in AUM across three technology-focused funds. Enrique Domínguez, founder of GaiaRooms — an operator managing over 100 hotels and 1,500+ rooms — joins the fund as Head of Investment Strategy. The fund targets acquisition and asset management of approximately 15 hotels, prioritizing prime locations in secondary Spanish cities where hotel stocks still attract relatively limited institutional investment volumes. The strategy combines income from hotel operations with long-term capital appreciation through hands-on asset management, digitalization, and modernization of acquired properties. The value-add approach is underscored by GaiaRooms' end-to-end digitalization model, which the fund intends to deploy across portfolio assets to drive operational efficiency and higher NOI. The fund has a six-year investment horizon. 4Founders Capital Hospitality targets a net Internal Rate of Return above 12% for investors, with individual transaction IRR targets of around 18%. The fund operates within the Spanish hotel market, which has experienced sustained growth in international tourism and hotel investment flows, providing a macro tailwind for the fund's Spanish-focused hospitality real estate strategy. The vehicle is structured as an FCR (Fondo de Capital Riesgo Especializado en el mercado inmobiliario), a Spanish alternative investment fund format.

NREP Nordic Strategies Fund V is a €3.65 bn (~US $4 bn), 2022-vintage, value-add real estate fund domiciled in Luxembourg and managed by Nordic Real Estate Partners. It reached a hard cap in May 2023—becoming Europe’s largest value‑add real estate vehicle—backed by a global roster of pension funds, insurers, sovereign capital, and family offices. The fund focuses on delivering sustainable value across the Nordics and select Northern European markets, targeting residential rentals, modern logistics, care homes, student housing, offices, and some hospitality assets. Highlights include the acquisition of Stockholm’s Clarion Hotel and large-scale, community-focused residential and logistics developments. Anchored in ESG and decarbonization, NSF V is classified as an SFDR Article 8 fund, embedding metrics like embodied and operational CO₂, energy efficiency, CRREM alignment, and BREEAM certifications into its investment process—aiming for ~18% IRR and 5–6% annual yield.