An active buyer with an existing hotel collection is seeking to expand across key European capital cities. Open to multiple entry points — existing 4 and 5-star assets with operators in place, ground-up development, conversions, and joint venture partnerships equally considered. Preference for assets where a quality operator is retained post-acquisition. Development and JV opportunities welcomed where the location and fundamentals are right. Partnerships with landowners, developers, and existing operators considered. Target cities: London, Athens, Madrid, Barcelona, Paris, Lisbon. Serious counterparties with relevant sell-side inventory, development sites, or JV appetite are encouraged to respond.