1 / 9
We acquired a bankrupt oceanfront clinic in 2021 and comprehensively transformed it into a 50-key, five-star resort centred on wellbeing, community and its connection to the Atlantic.
How We Work
Learn more
AETHOS LISBON
Vertically Integrated Model
Real assets and operating platforms, compounding value together.
Limestone owns and manages both the real assets and the operating platforms that bring them to life. This gives us direct influence across the full value-creation process, from sourcing, underwriting and capital structuring through development, repositioning, operations and realisation.
The two sides reinforce one another: our platforms improve asset performance and value, while every additional asset creates scale and strengthens the platform.
Real assets
- Acquisition & underwriting
- Capital structuring
- Development & repositioning
- Asset management & realisation
Platforms improve asset performance and value.
Each new asset creates scale and strengthens the platform.
Operating platforms
- Brands
- Technology
- Distribution
- Operations
Our capabilities
Specialist capabilities across the full investment and operational lifecycle.
Our teams work across investment, development, technology and operations, allowing us to execute transformation rather than rely on third parties to deliver it.
Proprietary sourcing & local access
A 30+ person specialist team across three continents combines nearly a decade of relationships with deep local networks. With geographic coverage across major European markets, the United States and Latin America, we originate off-market and special-situation opportunities across our target sectors.
Investment structuring & asset management
Our investment teams manage more than €1 billion in assets across nine countries. We combine rigorous underwriting and capital structuring with hands-on asset management, maintaining clear control over risk, performance and realisation throughout the investment lifecycle.
Development & construction
Our development teams manage design, capital expenditure and construction from concept through delivery. With 14 hotels now live, we have demonstrated our ability to reposition complex assets and bring them successfully into operation. See transformation examples
Operational excellence
We control operations through 14 portfolio companies and a portfolio-wide workforce of more than 1,000 employees across physical assets. Nearly a decade of hands-on experience has built deep expertise across service, revenue, cost management and customer experience.
Technology-enabled transformation
Platforms including Aethos, Eterniti and MYNE Homes were built as digitally native businesses, with technology embedded from the outset across distribution, revenue, operations and customer experience. This gives them an advantage over less agile incumbent operators.
Platform building & realisation
We identify market gaps, build operating platforms and consolidate assets around focused investment theses. By creating institutional-grade portfolios, we preserve multiple routes to realisation, including individual asset sales, portfolio transactions and strategic platform sales.
Transformation in practice
From under-managed assets to institutional-grade destinations.
We translate investment theses into physical and operational transformation. Across design, development, brand, technology and operations, we reposition individual assets and create places built for enduring relevance.
1 / 9
We comprehensively redesigned a distressed three-star oceanfront hotel, adding a new spa and members’ club and repositioning it as a 61-key, five-star Mediterranean escape.
1 / 10
We repositioned a distressed hotel into a leading mountain destination, expanding it from 30 to 53 rooms and upgrading its rooms, F&B concepts and leisure amenities, including a new outdoor pool.
1 / 10
Through targeted CapEx, we upgraded and repositioned a distressed three-star boutique hotel in just four months, creating a 64-key, five-star Mediterranean resort with an elevated guest experience.
Core disciplines
We operate around four disciplines designed to build lasting value.
Discipline 1
Entry basis
Value creation begins at entry. We focus on under-managed assets and businesses in underserved deal segments, where complexity, limited scale or market dislocation can create attractive entry points.
Discipline 2
Cash flow
We prioritise investments with the ability to generate durable cash flow. This creates resilience, supports continued investment and gives us the flexibility to hold through periods of volatility.
Discipline 3
Operational control
We control the operating platforms behind our assets, giving us direct influence over technology, distribution, customer experience and day-to-day operations. This allows us to improve performance directly and capture value that passive ownership leaves behind.
Discipline 4
Exit discipline
We invest with clearly defined exit options from the outset. Individual assets, portfolios and operating platforms are prepared for realisation when their transformation and positioning create the strongest strategic value.