Seeking centrally located hospitality or commercial assets suitable for hotel conversion or repositioning. Targeting buildings with character and complexity, including refurbishment opportunities, irregular layouts, underutilised office stock, or assets requiring strategic repositioning. Strong preference for prime, walkable city-centre locations in major metropolitan markets. Investment Parameters: - Maximum total budget: €50M (including acquisition + capex) - Built area: Up to 15,000 sqm - Flexible on current use (hotel, office, mixed-use, institutional) Target Markets: - UK - Germany - Portugal - Austria - Denmark - Norway - France - Spain - Italy - Belgium - Netherlands Preferred Asset Profile: - Centrally located in Tier 1 cities - Suitable for hospitality conversion - Value-add / repositioning potential - Freehold or long leasehold No restrictive operating agreements