Investment criteria: - Asset type: Full-service urban hotels (branded or independent) - Location: Europe & US, Tier 1 / Tier 2 city markets; prime urban submarkets - Size: 100+ keys (flexible for exceptional assets) - Ticket size: Minimum €/$50m all-in (purchase + capex + fees). No upper limit - Strategy: Value-add preferred (refurbishments, repositioning, operational turnarounds). Core+ acceptable where return profile meets IRR targets. - Development: Comfortable with heavy renovation and repositioning programs. New Build greenfield, brownfield, and expansions considered where full planning permissions are in place. - Structure: Vacant possession preferred, brand/operator encumbrance acceptable. Management and franchise structures preferred over leases. Information requested for submissions: - Teaser: Location, keys, brand/management structure, asking guidance / pricing expectations - Financials: T12 and last 3 years P&L, RevPAR/ADR/OCC, STR/comp-set (if available) - Capex: history and proposed scope / PIP (if applicable) - Any key legal/structural points (tenure, lease vs management/franchise, major constraints) Please share any live or upcoming opportunities that fit the above criteria. Happy to execute NDAs quickly and move to underwriting on receipt of a teaser and financials We are a Hospitality exclusive PE fund and will not pay any buyside fees. All Parnexus or broker/agent fees to be paid by vendor.