A €600M value-add leisure hospitality fund is actively acquiring operational hotels across Mediterranean and Atlantic coastal destinations. Assets acquired free of operator — an established hotel operating platform forms part of the fund structure and will manage assets post-acquisition. Geographic focus: Mediterranean — Spain (mainland and islands), France, Italy (including islands), Greece (including islands). Atlantic — Portugal, Canary Islands. Eurozone only; elevated geopolitical risk markets excluded. Preference for long or extended tourism season destinations. Asset criteria: Operational hotels, minimum 130 keys, no upper limit. 2, 3, or 4-star assets. Must be free of operator at acquisition. Single-building assets only — dispersed resort formats excluded. Preferably first-line beachfront. Alternatives considered in highly strategic enclaves where beachfront is not available. Existing pool required, or ground-level capacity to incorporate one. Assets with complex leisure infrastructure (golf, water parks, large-scale add-ons), land banking components, or mixed-use structures are excluded. Value-add profile: Clear repositioning potential through capex, refurbishment, and operational uplift. Limited key extensions considered where zoning permits and construction timelines remain within approximately 16 months.