A new fund dedicated to premium hospitality in Europe

This is a marketing communication relating to a fund reserved for Sophisticated Investors within the meaning of Article 423-49 I of the General Regulation of the Autorité des marchés financiers (AMF). Investing involves risks, including a risk of capital loss.

A diversified pan-European strategy targeting assets with strong value creation potential

With this new Fund, EXTENDAM intends to build a portfolio of at least 12 hotel SMEs operating hotels located in the heart of Europe’s capitals and major cities. The Fund will primarily target France, Italy, the Iberian Peninsula, Benelux, Germany, Greece and Austria, focusing on deep and liquid urban markets driven by strong tourism and business demand. It will target transactions combining property and operating businesses, in order to enhance the value of both the hotel operations and the real estate asset.

The selection of transactions will be based on three main criteria: the quality and location of the hotels, their value creation potential and the experience of the operators responsible for managing them. This approach will make it possible to build a portfolio that is diversified both geographically and operationally, across several destinations and hotel partners.

This strategy draws on more than fifteen years of EXTENDAM experience in hotel investment in Europe. It is based on active asset management throughout the holding period, from acquisition to disposal, as well as in-depth knowledge of European markets and an established network of hotel partners.

Premiumisation at the heart of the Fund’s strategy

The Fund’s strategy is based in particular on the “premiumisation” of the hotels acquired. This involves identifying hotels that enjoy a prime location and still under-exploited potential, then strengthening their positioning, services and performance.

Depending on the opportunities, this transformation may involve renovating rooms and common areas, developing the concept or service offering, commercial repositioning, affiliation with a new brand or even a change of operator. Optimising distribution and revenue management¹ may also help improve performance.

This strategy responds to a structural shift in the European hotel market, marked by travellers’ growing demand for quality experiences and services, and by the gradual move upmarket of supply in many destinations.²

Summary of the Fund’s investment strategy, which in no way constitutes a guarantee of performance. For more information, please refer to the Fund Regulations.

A European market that continues to support premium and value-add strategies

Europe remains the world’s leading tourist destination and has historically accounted for more than 50% of international tourist arrivals.³ It also has one of the largest and most mature hotel stocks in the world, driven by both domestic and international demand. This demand continues to grow: in 2025, nearly 3.09 billion nights were spent in tourist accommodation in the European Union, a new record.⁴

At the same time, the development of new capacity remains constrained in many European destinations by the scarcity of land, planning regulations, complex permitting procedures and high construction and financing costs.

This structural imbalance between supply and demand helps support the sector’s performance, particularly through rising average room rates. In the first half of 2026, average European RevPAR⁵ reached €101, up 3% compared with the same period in 2025.⁶

“In an environment marked by uncertainty and inflation, we are also seeing growing interest from investors, both private and institutional, in tangible assets based on the real economy. In this respect, the hotel sector has a particularly concrete dimension: investors can take part in the development of hotels they know, may have stayed in, or that are located in familiar destinations, while giving meaning to the way they invest their savings. This Fund thus makes it possible to diversify allocations, whether for individuals or legal entities, by providing exposure to a theme that is still under-represented in some portfolios. Subject to compliance with the applicable legal conditions, the Fund may also allow investors to benefit from the reinvestment scheme provided for in Article 150-0 B ter of the French General Tax Code.⁷”

Says Agnieszka Miloud, Head of Sales at EXTENDAM

¹ Revenue management: overall strategy for optimising hotel revenue, including dynamic pricing and management of available room inventory to maximise turnover.
² Source: Hotel Industry Trend (HIT) Report 2025
³ UN Tourism Barometer – January 2026.
⁴ Eurostat – Another year for EU tourism in 2025 – March 2026.
⁵ RevPAR (Revenue per available room): average revenue per available room per day over the year.
⁶ Cushman & Wakefield – European Hospitality Marketbeat – H1 2026.
⁷ Subject to a commitment to hold the units and to the tax regulations in force.

Past performance is not indicative of future results and is not constant over time.

A Fund intended for Sophisticated Investors

This marketing information document (the “Document”) has been prepared by EXTENDAM, a management company authorised by the Autorité des marchés financiers under number GP-13000002 (the “Management Company”). The Fund is a Professional Private Equity Fund (Fonds Professionnel de Capital Investissement – FPCI) governed by Articles L.214-159 et seq. of the French Monetary and Financial Code. It is not subject to AMF approval and may adopt management rules that differ from those of approved funds. Any person wishing to invest in the Fund must first verify that they belong to one of the categories of investors referred to in Article 423-49 I of the AMF General Regulation and Article L.214-160 of the French Monetary and Financial Code.

The Fund aims to invest in approximately a dozen Portfolio Companies, this figure being purely indicative and depending in particular on the Total Subscription Amount and investment opportunities.

As with any private equity investment, subscribing to the Fund involves risks, including a risk of capital loss. Investors are invited to refer to the Fund Regulations and its regulatory documentation for full details of its investment strategy, characteristics, associated risks and subscription terms.

This presentation constitutes neither an offer nor an invitation to subscribe for or acquire units in the Fund. The Management Company accepts no liability for the accuracy or completeness of the information contained in this document. The analyses and historical statistical data mentioned, as well as the past performance of the hotel sector, are provided for information purposes only and cannot guarantee the future performance of the portfolio companies or the Fund.

In making their investment decision, potential Sophisticated Investors* must rely on their own review of the Fund’s characteristics as set out in this document and in the Fund regulations (the “Regulations”), taking into account the benefits and risks (section “Fund Risk Profile”, Appendix II of the Regulations).

Any person wishing to invest in the Fund must be fully aware that their capital is not guaranteed and may not be returned to them, or only partially. This investment is not intended to make up the whole of their portfolio. In the event of any discrepancy between this document and the final version of the Regulations, the latter shall prevail; potential investors must read it before subscribing.

For further information, please contact EXTENDAM’s sales teams.