Hotel real estate, structured off-market, from acquisition to exit.

Pyrénées Asset Management International is an advisory firm specialised in hotel real estate transactions in Spain, Portugal and Andorra. We advise private owners and investment funds, including Luxembourg vehicles, off-market and across the whole life of each transaction: purchase, development and sale.

Contact us Our 360º advisory
Asset class
Hotel Real Estate
Deal flow
Off-Market Only
Mandate
360º: Purchase, Development, Sale
Markets
Spain · Portugal · Andorra

The firm

An advisory firm with a single focus

Pyrénées Asset Management International is an Andorran advisory firm dedicated to hotel real estate.

We advise owners, institutional investors, investment funds and developers on the structuring and execution of hotel real estate transactions. Our deal flow is proprietary: opportunities are originated and placed exclusively through established relationships, outside open marketing processes, and all information is exchanged under strict confidentiality.

Our mandates span the full investment cycle: acquisition, development and disposition. Underwriting at entry is therefore built around the business plan and the exit strategy from the outset, and every subsequent decision is measured against the value it creates at realisation.

StructuringVehicle, financing and terms designed around the asset and the parties.
AdvisoryOne counterpart for the client from first approach to closing.
Off-marketPrivate processes, short lists, information under NDA.

Clients

Who we advise

Owners and families

Private owners and family offices buying, developing or selling a hotel.

Investment funds

Funds and their managers, including Luxembourg vehicles such as RAIF and SCSp: deal sourcing, structuring, underwriting and asset-level advice.

Developers and operators

Developers and hotel operators looking for an asset, a capital partner or a buyer.

360º advisory

One adviser for the whole life of the transaction

The same team structures the purchase, oversees the development and prepares the sale. Nothing is lost between phases.

Purchase, development and sale as one continuous cycle

Finding the asset, and setting the deal up to work.

  • Off-market sourcing and direct approach to owners
  • Underwriting, valuation and business plan
  • Transaction structuring: asset or share deal, vehicle, financing
  • Coordination of legal, technical and tax due diligence
  • Negotiation through to signing and closing

Off-market

Discretion is part of the value

A private process protects the asset, its operator and its owners, and leaves room to agree terms that a public sale would not allow.

i.

Confidentiality

No public listing and no open auction. Information circulates under NDA, to a short list of counterparties agreed with the client.

ii.

Direct access

Long-standing relationships with hotel owners, operators, developers and lenders across Spain, Portugal and Andorra.

iii.

Structure before price

Without the pressure of a public process, terms can be shaped around both sides: timing, vehicle, financing, operator and lease.

Process

How an off-market mandate runs

  1. 01

    First conversation

    Objectives, asset, constraints and timeline.

  2. 02

    Confidentiality

    An NDA is signed before any detailed information is shared.

  3. 03

    Teaser and memorandum

    A short teaser, then a full information memorandum for qualified parties.

  4. 04

    Offers

    Indicative offers, selection, then binding terms.

  5. 05

    Due diligence

    Legal, technical and financial review, coordinated by us.

  6. 06

    Signing and closing

    Final documentation, conditions precedent and completion.

Standards

Investment discipline

Rigorous underwriting

Every figure is referenced to its source and every business plan assumption is set out explicitly, so that investment committees can test it independently.

Risk identification and mitigation

Each risk is identified early and presented alongside its mitigant: contractual protection, structuring, pricing or covenant.

Exit-led decision-making

Transactions are assessed over the full holding period, from entry price to realised value, rather than on execution alone.

Multilingual execution

Documentation and negotiations are conducted in the language of each counterparty, from Iberian vendors to Luxembourg fund structures.

People

The team

Frédéric Mangeant

Founder

Board member and founder of Lexxa.

Pâris Mangeant

Director

Hotel underwriting, financial modelling and development management in Spain and Portugal. Previously at PIMCO Prime Real Estate, B&B Hotels and BEKA Finance. MSc in Real Estate Finance, ESCP Business School.

Contact

Discuss an opportunity

For an off-market opportunity, a mandate or an introduction, write to us. Every enquiry is treated in confidence.

Email

info@pyrenees-am.ad
Office
Andorra
Markets
Spain, Portugal, Andorra
Languages
English · Français · Español · Català · Português