Tag Archives: Leisure

CapMan Real Estate and Scandic complete full refurbishment of historic Hotel Laajavuori

Capman

CapMan Real Estate and Scandic complete full refurbishment of historic Hotel Laajavuori

CapMan Real Estate and Scandic have completed an extensive refurbishment of the historic Hotel Laajavuori in Jyväskylä, Finland. The renovation project was delivered as planned, and the hotel’s final 117 newly upgraded rooms are now ready to welcome guests just ahead of the busiest winter holiday season.

The first phase of the renovation, which began in spring 2025, was completed last summer. This stage included the refurbishment of the hotel’s public areas, from the lobby and restaurant to its meeting and event facilities, as well as some of the guest rooms. With the completion of the second phase, the remaining rooms have now been renovated to meet modern standards of comfort, energy efficiency and usability.

The refurbishment of the protected hotel, originally constructed between 1969 and 1974, has been carried out with great respect for the building’s original spirit. Behind its concrete façade, guests will find a warm and atmospheric interior where the colour palette and materials of the era blend seamlessly with a contemporary hotel concept. The refurbished rooms emphasise comfort, elegance and sustainability, while adjustable in-room cooling further enhances the guest experience.

As part of the renovation, the building’s technical systems were comprehensively upgraded, significantly reducing the hotel’s environmental footprint. A new ventilation system and 71 geothermal wells installed on the property have markedly improved the building’s energy performance, raising its energy rating from class E to class B. Estimated annual savings in heating energy amount to approximately 1,500 megawatt hours, equivalent to the yearly heating needs of around 70–100 detached houses. Following the renovation, all of the hotel’s energy use is now completely carbon dioxide emission-free.

“Hotel Laajavuori is an architecturally and culturally significant property, and it was important for us to carry out the refurbishment in a way that preserves the building’s identity while also meeting the demands of the future. The renovation strengthens the hotel’s competitiveness for years to come and supports our objectives of sustainable value creation,” says Elias Salla, Asset Manager at CapMan Real Estate responsible for the property.

Guests will be able to stay in the refurbished rooms from Monday 2 February. In addition, the hotel will open its doors to residents of Jyväskylä on Friday and Saturday 6–7 February, offering guided tours and an opening weekend programme for visitors of all ages.

The property is part of the CapMan Hotels II fund portfolio.

For more information:

Elias Salla, Asset Manager, CapMan Real Estate, +358 44 301 0098

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.1 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

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CapMan Real Estate and Holiday Club sign a 20-year lease agreement for Oulu Eden – the spa hotel to be fully refurbished and reopened in the first half of 2027

Capman

CapMan Hotels II, a fund managed by CapMan Real Estate, and Holiday Club Resorts have signed a new 20‑year lease agreement for Holiday Club Oulu Eden. The agreement launches a major refurbishment and redevelopment project aimed at returning Oulu Eden to active hotel, spa and conference use, and transforming it into an attractive destination for leisure and business travellers alike.

As part of the extensive redevelopment, Oulu Eden will reopen as a highly attractive travel destination within the rapidly developing Nallikari area. The hotel’s experience spa, sauna world, accommodation and restaurant concepts will be completely renewed, and the service offering will be enhanced to meet the needs of both leisure guests and corporate clients.

The renovation will be carried out in phases. The extensive refurbishment is scheduled for completion during the first half of 2027, after which the property will reopen as a fully renewed Holiday Club spa hotel.

“Oulu Eden has always played an important role for the city of Oulu and for tourism in the region. I am extremely pleased that Eden will be brought back into active use as a modernised, renewed and more energy‑efficient destination. This redevelopment is a significant step both for the future of the property and for the development of tourism in the area. It is great to execute this project together with a strong and long-standing partner,” says Noora Kuvaja, Investment Director, CapMan Real Estate.

“We are truly excited to redevelop Oulu Eden into a highly attractive travel destination and to bring it back as part of Holiday Club’s offering in Finland. We are returning to Oulu after almost 15 years, and I believe the completely renewed experience spa, the redesigned sauna world and the new restaurant concepts will attract not only local visitors but also domestic and international travellers. The beautiful coastal setting of Nallikari and the strong appeal of the City of Oulu provide an excellent foundation for Eden’s future development,” says Maisa Romanainen, CEO, Holiday Club Resorts.

Key facts – Holiday Club Oulu Eden

  • 170 rooms
  • Renewed experience spa and new sauna world
  • Attractive restaurant concepts
  • Meeting facilities for up to 500 guests

Further information

Noora Kuvaja, Investment Director, CapMan Real Estate, +358 40 522 8272
Maisa Romanainen, CEO, Holiday Club Resorts, +358 50 388 9686

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.1 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

About Holiday Club Resorts

Holiday Club Resorts is one of the leading tourism and leisure housing companies in Finland, with operations also in Sweden and the Canary Islands. The company operates more than 30 destinations, including several full‑service spa resorts and over 2,200 holiday apartments, alongside more than 1,000 hotel rooms. Its resorts offer a wide range of services, from spa experiences and restaurants to sports and leisure activities. Each year, over one million holidays are spent at Holiday Club destinations, and the company has more than 120,000 holiday week owners. Holiday Club Resorts is owned by Mahindra Holidays & Resorts India Ltd., part of the Indian Mahindra & Mahindra conglomerate.

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Lemon Tree Hotels Announces Strategic Reorganization and Investment from Warburg Pincus in Fleur Hotels to Unlock Long-Term Shareholder Value

Warburg Pincus logo
  • The reorganization will create two focused, high-growth, and large-scale platforms  
  • Warburg Pincus will acquire APG’s entire 41.09% stake in Fleur and commit to invest up to ₹960 crore of primary capital to support the growth of Fleur

New Delhi, 9 January 2026 — Lemon Tree Hotels Limited (“Lemon Tree”) and Fleur Hotels Limited (“Fleur”) today announced that their respective Boards of Directors have approved a Composite Scheme of Arrangement (the “Scheme”) designed to simplify the group structure, enhance strategic focus, and unlock long-term value for shareholders. The Scheme is subject to customary regulatory and shareholder approvals.

The proposed reorganization will create two clearly differentiated and complementary platforms:

  • Lemon Tree Hotels Limited,as a pure-play, asset-light hotel management and brand platform; and
  • Fleur Hotels Limited, a current subsidiary of Lemon Tree, as a large-scale growth-oriented hotel ownership platform with development capabilities and an attractive pipeline.

The Board of Directors further approved:

  • Execution of a Share Purchase Agreement enabling Coastal Cedar Investment B.V., an affiliate of Warburg Pincus, to acquire the full 41.09% equity stake held by APG Strategic Real Estate Pool N.V. (“APG”) in Fleur; and
  • Execution of a Shareholders’ Agreement providing for a primary investment by Warburg Pincus of up to INR 960 crore to be infused in tranches, to support the future growth of Fleur.

This investment marks a renewed partnership between Warburg Pincus and Lemon Tree, following Warburg Pincus’ earlier investment in the company in 2006, which supported Lemon Tree’s initial growth to become a prominent hotel brand and platform in India.

The Scheme, to be implemented through a NCLT-approved process, will reorganise the group’s asset ownership and operating structure. The hotel assets currently owned by Lemon Tree will be transferred to Fleur, which will serve as the group’s exclusive asset ownership and development company. Fleur will lead the group’s all future hotel acquisitions and development, while Lemon Tree will transition to a fully asset-light model, focused on growing its hotel management, franchising and digital business. The Scheme will also result in a listing of Fleur’s shares on NSE and BSE. Mr. Patanjali Govind Keswani, Founder of Lemon Tree Hotels, will serve as the Executive Chairman of Fleur Hotels and will eventually transition to a Non-Executive role at Lemon Tree.

This reorganization and investment come at a time when India’s hospitality sector is entering a period of sustained growth, driven by rising disposable income and discretionary spending, strong growth in domestic inter-city air / rail / road travel, a rebound in international tourism, and the Government of India’s continued focus on tourism and investment in aviation / high-speed railways / four-lane highways infrastructure. Increasing corporate travel and India’s emergence as a leading Meetings, Incentives, Conferences and Exhibitions (MICE) destination further support long-term demand fundamentals.

Commenting on the development, Mr. Patanjali Govind Keswani, Founder and Executive Chairman of Lemon Tree and Fleur Hotels, said, “This scheme is intended to create a simplified, transparent, and growth-oriented structure for both companies, which we believe will enhance long-term value for our shareholders. We are also pleased to renew our partnership with Warburg Pincus, with whom we share a long history of building the foundations of Lemon Tree. This collaboration marks a defining moment as we enter the next phase of expansion for Fleur. With the Indian hospitality industry at an important inflection point, we look forward to leveraging Warburg Pincus’ global network and deep real estate and hospitality experience to scale responsibly, advance digital-led capabilities and embed sustainability as a core pillar of Lemon Tree’s and Fleur’s long-term growth journey.”

Anish Saraf, Managing Director, Warburg Pincus, said, “We are pleased to once again partner with Patu and the Fleur leadership team to support the next chapter of growth for the platform. Lemon Tree has played a pioneering role in shaping India’s mid-market hospitality segment, building a large scale, high-quality portfolio with strong brands and operating capabilities. With favourable industry fundamentals and a clear strategic roadmap, we look forward to supporting the team as they continue to scale the business.”

Dominic Doran, Senior Director, Real Estate, Asia-Pacific, APG Asset Management, said, “As we continue our long-standing association with Lemon Tree, we are also proud to have supported Fleur Hotels for more than a decade to become one of India’s leading and socially inclusive hospitality platforms. This transaction in Fleur is the culmination of APG’s long-term approach to investing and provides our clients with a full-cycle return from one of the fastest growing economies in the world. We thank Patu and the Fleur team for their hard work and commitment to reach this milestone as the company enters its next phase of growth.”

Details of the Composite Scheme of Arrangement

Key Highlights

  • Appointed date: 1 April 2026
  • Lemon Tree will merge two of its wholly owned subsidiaries (Carnation Hotels and Hamstede Living) with itself.
  • Four wholly owned subsidiaries of Lemon Tree (Oriole Dr. Fresh, Sukhsagar Complexes, Manakin Resorts and Canary Hotels) will be merged with Fleur against the issuance of shares by Fleur to Lemon Tree.
  • 12 hotels (11 operational hotels and one under-construction hotel at Shimla) of Lemon Tree together with the development capabilities (collectively, the “Demerged Undertaking”), along with the investment in one under construction hotel in Shillong through a 100% subsidiary of Lemon Tree, will be demerged with Fleur.
  • Upon the Scheme becoming effective, the shareholders of Lemon Tree (as on the record date) will own 32.96% of Fleur, Lemon Tree will directly own 41.03% with the balance 26.01% to be owned by Warburg Pincus (shareholding figures exclude any dilution from primary investment by Warburg Pincus in Fleur).

Following receipt of all relevant approvals, the Scheme will become effective, and Fleur will be listed as a separate entity on Indian stock exchanges. The entire process to listing of Fleur is expected to be completed within 12 to 15 months.

Rationale of the Composite Scheme of Arrangement

  • Complementary, Large-Scale and High-Growth Platforms: The proposed reorganization creates two focused and complementary platforms—an asset-light business with hotel management, brand & loyalty, distribution and digital capabilities and a hotel ownership and development platform—both positioned for growth. Fleur will combine existing operating assets with a clearly defined development and acquisition pipeline, while Lemon Tree will continue to scale its management and franchise portfolio domestically and internationally.
  • Strengthened Balance Sheet: The proposed raising of primary capital from Warburg Pincus will strengthen Fleur’s balance sheet and unlock risk mitigated growth opportunities through development and acquisition of hotel assets.

Post the Proposed Transaction

Fleur will become one of the largest owners of hospitality assets in India. Its owned portfolio will expand significantly, increasing from 3,993 keys and 24 operating hotels to 5,813 keys across 41 hotels. Fleur will continue to scale its owned portfolio through future development and acquisitions.

Lemon Tree will continue to operate its existing leased hotels in Indore and Aurangabad, which are approaching the end of their respective lease terms. In addition, Lemon Tree will manage an additional 1,820 keys and 17 hotels transferred to Fleur alongside its existing portfolio of 3,993 keys and 24 hotels of Fleur operated by Lemon Tree. Lemon Tree will remain focused on its asset-light strategy, continuing to manage and franchise its existing portfolio of third-party owned hotels, with 6,011 keys across 89 operational hotels and 9,414 keys across 127 hotels under various stages of development in India and internationally, which is expected to continue to expand over time.

Morgan Stanley acted as the exclusive financial advisor for the proposed transaction.

About Lemon Tree Hotels Limited

Lemon Tree Hotels Limited (LTHL) is one of India’s leading hospitality companies, catering to a wide range of customers – from value-conscious travellers to premium business and leisure seekers. With seven distinct brands – Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox, Keys Prima, Keys Select, and Keys Lite – the group offers experiences across upper upscale, upscale, upper midscale, midscale, leisure, wildlife, and spiritual segments.

LTHL operates 120+ hotels across 80+ cities in India and abroad, with a growing pipeline of 120+ upcoming properties. From metro hubs like Delhi-NCR, Mumbai, Bengaluru, and Hyderabad to tier II & III cities such as Jaipur, Udaipur, Kochi, and Indore – and with an international presence in Dubai, Bhutan, and Nepal – Lemon Tree Hotels delivers exceptional comfort, consistent quality, and a warm, refreshing experience.

Since opening its first 49-room hotel in 2004, the group has grown to 250+ properties (operational and upcoming), becoming a trusted name in hospitality for both business and leisure travellers.

For more details, visit www.lemontreehotels.com

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with more than 15 offices globally.

Warburg Pincus began investing in India in 1996. Today, it has become one of the largest and most active global private equity investors in the country, with nearly $10 billion invested in more than 80 companies across financial services, healthcare, consumer, industrial, business services, and technology sectors. Notable investments in India include Appasamy Associates, Truhome Finance (previously known as Shriram Housing Finance), Meril, Imperial Auto, Avanse Financial Services, IDFC First Bank, CAMS, Kalyan Jewellers, Alliance Galaxy (previously known as Alliance Tyre Group – ATG) and Bharti Airtel.

Warburg Pincus began investing in Asia real estate in 2005. Today, it has become one of the largest and most successful investors in the region, with more than US$10 billion invested in around 60 real estate platforms and ventures across Asia Pacific. The firm is a pioneer of thesis-driven growth investing in Asia real estate and has co-founded or sponsored leading platforms alongside best-in-class entrepreneurs such as ESR, Princeton Digital Group, BW Industrial, DNE, Vincom Retail, StorHub and Vita Partners.  Warburg Pincus has been an active investor in hospitality and living sectors, with notable investments including Weave Living, Lodgis, 7 Days Hotels, Vlinker, Tokyo Beta and Kio. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Media Contact

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications, Warburg Pincus

lisa.liang@warburgpincus.com

Malini Roy

malini.roy@warburgpincus.com

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CVC Secondary Partners backs TDR’s investment in David Lloyd

CVC Capital Partners

Leading investors back next growth phase of David Lloyd

TDR Capital LLP (“TDR”), a leading UK-based private equity firm, is pleased to announce the successful closing of a newly formed continuation vehicle (“TDR Capital Titan”) which has been formed to acquire majority control of David Lloyd Leisure (“David Lloyd”), Europe’s largest operator of premium racquets, health and fitness clubs, from TDR Capital III and its co-investors (“TDR III”).

TDR Capital Titan will look to build on the success of TDR III and to continue the company’s ambitious growth plans. It also enables TDR III investors to realise their investment in a high-quality, well-performing asset, and provides new investors with the opportunity to invest behind David Lloyd and its future expansion.

TDR Capital Titan has been backed by a range of leading investors and asset managers, including the Children’s Investment Fund Foundation (acting by its investment manager, TCI Fund Management), investment funds managed by Coller Capital, Apollo’s Sponsor and Secondary Solutions (S3) business, CVC Secondary Partners and Hollyport Capital.

TDR believes that the high quality of this new investor base demonstrates the attractive nature of the opportunity and the belief in David Lloyd’s excellent performance and growth prospects. TDR Capital Titan and its co-investors have set aside over £100m of additional capital to invest in the business and support its ongoing expansion. David Lloyd currently has a strong pipeline of future club openings across Europe and the UK and continues to roll out its premium spa and wellness offering and build additional padel courts to attract new members.

Completion of the acquisition by TDR Capital Titan, which is subject to customary conditions, is expected to take place in October 2025.

Russell Barnes, CEO David Lloyd Leisure, said: “We are delighted to have TDR’s continued backing as we enter our next phase of growth. Coming off the back of our strongest year yet – both in terms of membership numbers and the performance of the business – we continue to see huge opportunities for David Lloyd across Europe and in the UK. Our focus will remain on investing in premium site features, including spas and facilities for fast-growing sports like padel, where we are the UK’s leading operator. These investments are driving improved customer satisfaction levels and record numbers of members choosing premium packages, and we are confident that this strategy will continue to deliver results.”

Tom Mitchell, Managing Partner at TDR Capital, said: “David Lloyd has been a highly successful investment for TDR to date, achieving significant growth and operational transformation over the first period of our ownership. We remain excited by the opportunities ahead for the business which are supported by growing consumer demand for premium wellness services. We saw significant investor interest in TDR Capital Titan and look forward to working with our new partners to support David Lloyd’s next stage of growth. The transaction has allowed our current investors the option for a full exit, and we are very pleased to be continuing our work with Glenn, Russell and the wider David Lloyd team.”

Since acquiring David Lloyd in November 2013, TDR III has worked in partnership with the company’s management team to transform the business, delivering sustained growth and improved customer experience. Since 2013, David Lloyd has nearly doubled the number of clubs, opening over 40 new locations in the UK and 30 across Europe, tripled the number of employees to 11,600 and nearly doubled membership numbers to over 800,000.

Jefferies acted as sole financial advisor to TDR on the transaction and Kirkland & Ellis LLP acted as legal adviser in relation to the transaction and the establishment of TDR Capital Titan.

Morgan Stanley & Co. International Plc acted as financial adviser to David Lloyd and Travers Smith advised David Lloyd management in relation to the transaction.

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PAI Partners agrees to sell significant minority stake in European Camping Group to ADIA

PAI Partners

PAI Partners, a pre-eminent private equity firm, has agreed to sell a significant minority stake in European Camping Group (ECG), a European leader in outdoor accommodation, to a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). PAI will remain the majority shareholder in ECG.

PAI first invested in ECG in 2021, recognising a compelling opportunity to drive significant growth through investment and consolidation, supported by strong structural tailwinds. Since then, PAI has invested across both ECG’s sites and mobile-homes fleet to upgrade facilities and enhance amenities, significantly improving the customer experience while driving revenue growth and profitability. Sustainability has also been a key action-driven focus, with the company adopting innovative energy-efficient operations and securing environmental certifications across its portfolio. In 2023, PAI doubled the scale of the business with the transformational acquisition of Vacanceselect, further cementing ECG’s position as the only true pan-European platform in the outdoor accommodation sector.

Today, ECG operates across eleven European countries through its main brands Eurocamp and Homair and is the leading player in France, Italy, Spain and Croatia. The company has expanded from just over 280 sites in 2021 to more than 450 sites today, offering the broadest portfolio of destinations with over 56,000 pitches and a fleet of 48,000 mobile-homes. Revenues have grown at a compound annual rate of 15% and earnings have more than tripled.

Bertrand Monier, Partner at PAI, said: “ECG is a prime example of a Real Economy business that has emerged as a clear market leader in outdoor accommodation, benefiting from substantial investment, attractive market dynamics and an exceptional management team, with plenty of runway for growth. We are delighted to welcome ADIA as our fellow shareholder for the next stage of growth, sharing our vision for ECG and the opportunities to build on its success.”

Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “ECG has successfully built one of Europe’s leading outdoor accommodation groups, driven by its strong and experienced management team. This investment, alongside a proven partner in PAI, aims to support and accelerate the growth of the business.”

Sébastien Manceau, CEO at ECG, said: “We are delighted to welcome ADIA as a new investor alongside PAI to support our growth trajectory and continue strengthening our leadership in the European outdoor accommodation market. This new chapter will allow us to pursue our geographic diversification journey and focus on organic and operational levers to achieve our full potential.”

Philippe de Trémiolles, MD and CFO at ECG, said: “This significant investment from ADIA demonstrates the attractiveness of ECG’s leading platform in a fragmented sector. We look forward to this collaboration as we remain focused on our mission to deliver the best sustainable holidays for our guests.”

The transaction is subject to customary regulatory approvals and is expected to close in Q2 2025.

Contacts

PAI Partners
Dania Saidam
+44 20 7297 4678
dania.saidam@paipartners.com

ADIA
Garry Nickson
+971 2 415 6085
garry.nickson@adia.ae

ECG
Marjorie Sanch
+33 6 88 60 50 27
marjoriesanch@ecg.camp

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has more than €27 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €26 billion in proceeds from over 60 exits. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

About ADIA

Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information: https://www.adia.ae

About ECG

Headquartered in Aix-en-Provence, ECG is a leading European player in the outdoor accommodation sector. In 2024, over 3 million clients have trusted us to host their holidays in one of the c. 50,000 mobile homes we operate on more than 450 campsites across Europe. For more information: https://www.europeancampinggroup.com/

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CapMan Real Estate and Scandic undertake extensive renovation of historic Hotel Laajavuori, in Finland

CapMan Real Estate and Scandic undertake extensive renovation of historic Hotel Laajavuori, in Finland

CapMan Real Estate, in collaboration with Scandic, is carrying out an extensive renovation of Hotel Laajavuori located in Jyväskylä, Finland. The historic hotel will be modernized by significantly improving its energy efficiency, renovating rooms and spaces, and implementing a large-scale geothermal heating project. The geothermal heating project is executed by LeaseGreen in cooperation with Heatly.

The renovation, which began this month, will bring the historic 24,000 square metre hotel property up to current standards in one go. The property will be transformed into a modern, energy-efficient entity that respects its history, serving guests for decades to come. Work started on March 10th, when the hotel was temporarily closed, and is scheduled to be completed in January 2026. The hotel will however reopen for guests already on June 26th, 2025. Hotel Laajavuori was originally opened in 1969 and was significantly expanded in the mid-1970s. CapMan’s hotel fund took ownership of the hotel in 2008, which is also when the latest expansion occurred. The hotel’s exterior represents brutalist concrete architecture and is protected.

Central to the current renovation is a significant geothermal heating project that will cover the property’s post renovation annual heating needs of 2,686 MWh, as well as provide cooling energy. For this purpose, a field of up to 67 ground source heat wells will be drilled. LeaseGreen is responsible for the design and implementation of the geothermal heating system, and Heatly acts as a financing partner offering comprehensive life-cycle financing. In addition to the geothermal heating project, the hotel’s ventilation and building automation will be renovated. At the same time, the hotel’s lighting and room windows will be replaced, and the rooms will be equipped with individual cooling.

“We want to bring the hotel into this age both in terms of building technology and functionality, while preserving its original spirit. After the renovation, the property’s annual heating energy consumption need will decrease by 1,500 MWh. Combined with the geothermal heating project, this will raise the property’s energy class from E to B,” says Elias Salla, Asset Manager at CapMan Real Estate responsible for the project.

“Scandic Laajavuori serves a wide range of customers, from family travellers during weekends and holiday seasons to conference and event guests and business travellers. Residents of the surrounding area also make extensive use of the spa and restaurant services. We believe that our guests will appreciate even more the hotel’s resort spirit, its diverse services including spas and bowling alleys, and its nature-friendly location close to many outdoor activities,” says Janne Pälvimäki, Hotel Manager of Scandic Laajavuori.

The hotel is undergoing additional renovations as well; all rooms and public spaces will be updated, and the number of rooms will be increased from 196 to 198. The room design is being handled by the architectural firm Doos, and the design of other spaces by Design Agency Fyra.

CapMan Real Estate invested in the hotel property in 2008, and in 2018 the hotel transitioned to being operated by Scandic. The property is part of the CapMan Hotels II fund portfolio.

Image above: Scandic Hotels

For more information, please contact:

Elias Salla, Asset Manager, CapMan Real Estate, +358 44 301 0098

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C target and our commitment to net zero greenhouse gas emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001.www.capman.com

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Green Courte Partners Expands Active-Adult Portfolio with Colorado Acquisition

Green Courte Partners

Chicago, Illinois (March 4, 2025) – Green Courte Partners, LLC (GCP), a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced today that its sixth investment fund, Green Courte Real Estate Partners VI, LLC and its affiliates, has acquired 55 Resort at Water Valley, a 120-unit active-adult community located in Windsor, Colorado, just north of Denver in the Water Valley master-planned development. This acquisition expands GCP’s national senior living portfolio, managed by its wholly owned operating platform, True Connection Communities, to 21 communities with approximately 3,300 units.

“We are excited to expand our portfolio and establish a presence in the Colorado market with the acquisition of 55 Resort at Water Valley, soon to be rebranded as Eagle’s Peak at Water Valley,” said Matt Pyzyk, managing director at GCP. “This community was a key target for us due to its prime location within the high-growth corridor between Denver and Fort Collins. Its extensive amenities and integration into the Water Valley master-planned community provide an exceptional lifestyle environment for active adults 55 and older. We remain committed to acquiring similar communities as we grow our active-adult portfolio.”

Brad Florin, a counterparty in the transaction, stated, “Having known the GCP leadership team since the community was developed in 2019, we are pleased to finalize this transaction with them. They moved swiftly, met our timeline, and ensured a seamless process.”

About Green Courte Partners

Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors. The firm has active investments in the following sectors: active-adult/independent senior living, land-lease communities, industrial outdoor storage, and near-airport parking. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte’s goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period. For additional information, please visit Green Courte’s website at GreenCourtePartners.com.

About True Connection Communities

True Connection Communities operates a high-quality portfolio of 21 active-adult and independent senior living communities, containing approximately 3,300 units located in 13 states, to meet the growing needs of Americans over the age of 55 seeking an active and engaged lifestyle. To deliver an exceptional resident experience, the company focuses on five key offerings: custom-designed fitness and wellness programs, creative chef-prepared meals made with the freshest seasonal ingredients, social activities designed for a life on the move, innovative educational programs, and state-of-the-art technology. To learn more, visit TrueConnectionCommunities.com.

Investor contact:
Marnie Helfand
(312) 966-4747
MarnieHelfand@GreenCourtePartners.com

Media contact:
Robert Dekker
(312) 966-3816
RDekker@GreenCourtePartners.com

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PAI Partners enters partnership with Motel One to accelerate international growth

PAI Partners

PAI Partners, a pre-eminent private equity firm, has agreed to enter into a proprietary partnership with a consortium led by Dieter Müller for Motel One Group, a leading economy design hotel chain in Europe, to support its next phase of international growth. PAI will become the majority owner of Motel One, with a share of c. 80% in the operating business. Following the transaction, Dieter Müller, Founder of Motel One, will remain Chairman of the company. Independently of the partnership with PAI, Dieter Müller will further develop the previously spun-off real estate arm to further support the growth of Motel One.

Since its founding in 2000, Motel One has been a pioneer and market leader in the budget design hotel category. Motel One’s unique combination of affordable pricing, prime inner-city locations, leading guest satisfaction and high-end design has allowed it to become one of the best performing concepts in European hospitality over the past decade.

Motel One has been on a strong growth trajectory, attracting more than 10 million guests in 2024. Initially focused on the DACH region, the company today operates 99 hotels across 13 countries, including the UK, France and the United States, with approximately 28,000 rooms. The company’s growth has been further accelerated by the launch of its new lifestyle brand, The Cloud One Hotels, with properties in New York, Hamburg, Düsseldorf, Prague and Gdańsk.

PAI is a recognised global leader in Consumer Services, following decades of investing in the Real Economy, transforming businesses into European and global leaders. The agreement for Motel One builds on its solid credentials in founder-led partnerships, deep European network and proven expertise in the hospitality industry, including the successful transformations of B&B Hotels, Roompot and European Camping Group.

Dieter Müller, Founder & Chairman of Motel One, said: “I am delighted to welcome PAI as a strategic partner with extensive expertise in the hospitality industry. Together, we will further accelerate the international expansion of Motel One. We look forward to partnering with PAI as we embark on the next chapter in our exciting growth story.”

Daniel Müller and Stefan Lenze, Co-CEOs of Motel One, said: “On behalf of the entire management team, we welcome PAI’s commitment to Motel One. We look forward to the new impetus they will bring to our international expansion, building on the company’s successful business model.”

Bertrand Monier and Ralph Heuwing, Partners at PAI, said: “We are thrilled to partner with Dieter Müller and the excellent Motel One management team. We look forward to building on the company’s current momentum, supporting its next stage of international growth while preserving the unique DNA created by its visionary founder.”

The transaction is subject to customary regulatory approvals and is expected to close in Q2 2025.

Contact

Motel One
Inken Mende
+49 89665025-818
imende@motel-one.com

PAI Partners
Dania Saidam
+44 20 7297 4678
dsaidam@paipartners.com

About Motel One

Founded in 2000 and headquartered in Munich, Motel One has received numerous awards for its concept and is recognized as the pioneer of the budget design hotel category. The Motel One Group currently operates 99 hotels with 27,928 rooms in 13 countries (as of February 2025). Both industry experts and guests appreciate the unique combination of high-quality furnishings, exclusive design, high service standards, and prime city-center locations at an attractive price. In 2022, Motel One Group launched its new lifestyle brand, The Cloud One Hotels, with its first property in New York.
More information at: www.motel-one.com

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has more than €27 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €26 billion in proceeds from over 60 exits. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

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EQT portfolio company HBX Group, a leading independent B2B travel technology marketplace, goes public on the Spanish Stock Exchange

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EQT is pleased to announce that EQT VII (“EQT Private Equity”) portfolio company HBX Group International plc (“HBX Group” or the “Company”) has successfully completed its initial public offering (“IPO”) and began trading today on the Spanish stock exchange. At an IPO price of EUR 11.50 per share, the listing follows the initial offering of the Company’s shares, comprising an offering of EUR 748 million, including a secondary offering of existing ordinary shares of the Company. Together with the additional overallotment option of up to 15% of the size of the base offering, the total offer size is up to EUR 860 million. The share price closed at EUR 11.00 per share at the end of the first trading day, implying a market capitalization of EUR 2.7 billion.

HBX Group is a leading independent B2B travel technology marketplace, connecting travel product suppliers (including hotels, travel experiences, transfers and car rentals) and travel distributors, totaling more than 635,000 direct connections in the travel ecosystem. Its best-in-class cloud-native and scalable technology platform allows the Group to process up to 6.2 billion searches per day, which provide unique insights for business partners and predict travel trends. HBX Group is also leveraging AI and developing a wide range of TravelTech solutions, including bespoke Fintech and Insurance solutions for the travel industry. HBX Group is present in 170 countries and employs more than 3,600 people around the globe.

EQT Private Equity’s association with HBX Group began with the merger of its previous portfolio company GTA and HBX Group in 2017, which resulted in EQT Private Equity acquiring a minority stake in HBX Group. Previously, GTA was one of the three core businesses of Kuoni Group, which EQT Private Equity acquired in May 2016. The other two core businesses, GTS and VFS Global, were divested by EQT in 2017 and 2022 respectively.

The IPO marks a significant milestone in HBX Group’s journey, providing it with a diversified shareholder base and access to public capital markets to support the Company’s future growth. Dominik Stein, Partner and Head of EQT Growth Advisory Team, commented: “EQT extends its congratulations to HBX Group’s management team and fellow shareholders, including Cinven and the Canada Pension Plan Investment Board, on reaching this milestone.”

Contact

EQT Press Office, press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About HBX Group

HBX Group is a leading global B2B TravelTech company that owns and operates Hotelbeds, Bedsonline and Roiback, among other brands. The company offers a network of interconnected travel tech products and services to partners such as Online Marketplaces, Tour Operators, Travel Advisers, Airlines and Loyalty Programmes, destinations and travel suppliers. HBX Group’s vision is to simplify the complex and fragmented travel industry through a combination of cloud-based technology solutions, curated data, and an extensive portfolio of products designed to maximise revenue. HBX Group is present in 170 countries, employs more than 3,600 people around the globe and is committed to making travel a force for good, creating a positive social and environmental impact. More info: www.hbxgroup.com

This press release does not constitute an offering circular or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017 and nothing herein shall be construed as an offering of securities. No one should purchase any securities in the Company except on the basis of information in the prospectus published by the Company in connection with the offering and admission of such securities to trading on the Spanish stock exchanges. Copies of the prospectus are available at the Company’s registered office and, subject to certain exceptions, through the website of the Company.

This press release is not an offer to sell or a solicitation of any offer to buy any securities issued by the Company in any jurisdiction where such offer or sale would be unlawful and this announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions.

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EQT co-leads TravelPerk’s USD 200 million Series E

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  • TravelPerk is an all-in-one SaaS business travel platform that aims to give travelers the freedom they want whilst providing companies with the control they need

  • EQT Growth co-leads the round, which values TravelPerk at USD 2.7 billion, alongside Atomico; round also joined by new investors Noteus Partners and Sequoia Capital, as well existing investors like General Catalyst, Kinnevik, Softbank Vision Fund, and Blackstone

  • Alongside the financing, TravelPerk announces that it has acquired Yokoy, a leading spend management platform, to create an integrated Travel and Expense Management platform

EQT is pleased to announce that EQT Growth, which aims to support fast-growing technology companies as they continue to scale, has co-led a USD 200 million Series E in TravelPerk. The investment is also led by Atomico, with participation from Noteus Partners and Sequoia Capital, as well as existing investors, including Kinnevik, General Catalyst, Softbank Vision Fund, and Blackstone. The oversubscribed round brings TravelPerk’s valuation to USD 2.7 billion.

As companies face greater economic pressures and more complicated regulatory environments, they are increasingly looking for fully integrated solutions that bring travel and expenses together into one automated platform. TravelPerk’s end-to-end experience simplifies business travel management, streamlining processes and helping companies better control costs. With the acquisition of Yokoy, a leading spend management platform, and through integrations with expense management partners, TravelPerk is well positioned to provide small & medium businesses in Europe and the US highly localized solutions that suit individual needs, while preserving freedom of choice and flexibility.

Founded in 2015 and today headquartered in Barcelona, TravelPerk has recorded 50 percent annual growth over the last two years and reached EBITDA break-even at the end of 2024. The new funding will be used to further accelerate growth, with continued expansion into the US market alongside significant investments into product, technology and AI.

Carolina Brochado, Partner at EQT Growth, who will join the TravelPerk Board, said: “TravelPerk is a clear digital-native leader in the multi-hundred-billion corporate travel market. Most small and mid-market businesses remain unmanaged and underserved in this space. Having followed the TravelPerk team for years, we’ve been consistently impressed by their focus, tenacity, and ambition in disrupting the industry. Their proprietary use of AI is among the best we’ve seen, enabling faster, smarter service for their customers. With the Yokoy acquisition, their product evolves into a true end-to-end T&E solution, further powered by AI.”

“Until now, customers had to make hard trade-offs: an integrated platform or separate, best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance,” commented TravelPerk President and Chief Operating Officer, JC Taunay-Bucalo. “Customers don’t have to compromise anymore. Now, they can have a leading travel management product built on the world’s largest inventory, combined with an expense management product that works for their business.”

Avi Meir, TravelPerk CEO and Co-Founder, added: “Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform. Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level by welcoming Phil, Devis, and the rest of the team to TravelPerk. We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, YouTube and Instagram

About TravelPerk
TravelPerk is a hyper-growth SaaS business travel platform and a pioneer in the future of travel for work. Its all-in-one platform gives travelers the freedom they want whilst providing companies with the control they need. The result saves time, money, and hassle for everyone.

TravelPerk has industry-leading travel inventory alongside powerful management features, 24/7 customer support, state-of-the-art technology, and consumer-grade design, which enable companies and organizations worldwide like Red Bull, GetYourGuide, and Aesop, to get the most out of their travel.

Backed by world-class investors like General Catalyst, Kinnevik, Softbank, and Blackstone, TravelPerk is reinventing travel for work with an end-to-end solution that works.

Visit www.travelperk.com for more information.

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