Limestone Capital AG
Limestone Capital AG is a Swiss private equity firm that invests in European hospitality and lifestyle brands through a vertically integrated model (investor, brand creator, operator), managing over €1 billion across ten-plus branded platforms for family offices and institutional investors.
- Company typePrivate
- Founded2018
- HeadquartersZug, Switzerland
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Limestone Capital AG does
Limestone Capital AG is a Swiss private equity firm headquartered in Zug, Switzerland, founded in 2018 by Benjamin Habbel (ex-Google) and Jeff Coe alongside founding family-office partners Alexander Schütz and Christian Angermayer. The firm invests in the European hospitality and lifestyle sector through a vertically integrated model that combines capital deployment, brand creation, and direct asset operation, managing over €1 billion across its Amethyst Fund and co-investment vehicles for leading family offices and institutional investors. Its portfolio spans ten or more branded platforms — Aethos Hotels & Clubs, Eterniti (formerly Emerald Stay), MYNE Homes, Loisium Wine & Spa Hotels, Crafted, Voaara, Anagram, Ydun, Selar, and REX — as well as individual hotel assets across Switzerland, Portugal, Spain, Italy, France, Austria, the UK, the US, and Colombia, totaling 20+ projects and 500+ employees portfolio-wide.
The firm monetizes through fund management fees, carried interest, and underlying asset value appreciation, sourcing deals off-market through the networks of its founding partners and operating acquired assets under proprietary lifestyle brands repositioned for the experience economy. Core technology is a hospitality operating platform combining Cloud PMS, Revenue Management, and CRM systems deployed across portfolio hotels, with a distribution partnership with Group Barrière to accelerate sales ramp at newly acquired assets. Major recent transactions include the acquisition of Nobu Hotel London Shoreditch (2025), the €100M+ commitment to expand LOISIUM across Italy and France (2025), a €30M lead investment in Eterniti (2026), and an equity/real-estate/credit partnership with Outsite (2026), positioning Limestone as a consolidator in fragmented European boutique hospitality and adjacent lifestyle segments.
Limestone Capital AG firmographics
Firmographics- Name
- Limestone Capital AG
- Legal name
- Limestone Capital AG
- Website
- https://limestone-capital.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Limestone Capital AG is a Swiss private equity firm that invests in European hospitality and lifestyle brands through a vertically integrated model (investor, brand creator, operator), managing over €1 billion across ten-plus branded platforms for family offices and institutional investors.
- Ownership category
- akta.pro rank
Limestone Capital AG industry classification
Industry- Product category
- Hospitality Private Equity
- NAICS
- Other Financial Investment Activities (5239), Lessors of Other Real Estate Property (53119)
- SIC
- Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531)
- akta.pro primary industry
- Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)
- akta.pro secondary industries
- Commercial Real Estate Asset Management (BPAJAMAB), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI), Independent Sponsor / Fundless Sponsor ETA (FSANALAB)
Keywords
Where Limestone Capital AG is headquartered
LocationHeadquarters
- HQ city
- Zug
- HQ country
- Switzerland
- HQ region
- Europe
Offices3 records
Markets served
Limestone Capital AG business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Fund Management Fees: Limestone Capital manages capital on behalf of leading family offices and institutional investors, earning management fees from their core fund (Amethyst Fund) and co-investment vehicles
- Performance Fees / Carried Interest: The firm generates carried interest from successful exits and value creation across their hospitality portfolio investments
- Asset Value Appreciation: Returns generated through acquisition, transformation, and operation of boutique hospitality assets under their branded platforms (Aethos, Loisium, Voaara, Crafted, Eterniti)
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Limestone Capital AG product offering
Product offeringCore offering
Limestone Capital AG is a private equity firm that invests in and develops branded hospitality platforms in the global travel and leisure sector, often combined with a value-add real estate strategy. The firm acquires underperforming boutique hotels and hospitality assets, repositions them under differentiated lifestyle brands, and operates them through its vertically integrated platform. It manages capital on behalf of family offices and institutional investors via its Amethyst Fund and co-investment vehicles, with over €1 billion invested across various hospitality platforms.
Product overview
Limestone Capital AG operates as a private equity firm that develops and incubates branded hospitality platforms in the global travel and leisure sector. The company follows a vertically integrated investment strategy, acting as investor, brand creator, and operator. Their portfolio consists of multiple distinct brand platforms: Aethos Hotels & Clubs (lifestyle hotels celebrating local culture), Eterniti/Emerald Stay (B-corp vacation rental operator with 800+ properties), MYNE (co-ownership vacation home platform), Loisium Wine & Spa Hotels (wine region retreats), Crafted (nature-focused lifestyle hotels), Voaara (barefoot luxury remote retreats), Anagram (social hospitality), Ydun (health optimisation studios), Selar (sustainable polar expeditions), and REX (late-night lounge concept). Additionally, the company owns and operates individual hotel assets across Europe including Aethos London Shoreditch, Aethos Mallorca, Aethos Ericeira (Michelin Key 2025), Aethos Sardinia, Aethos Monterosa, Aethos Milan, Aethos Saragano, Aethos Corsica, Axel Madrid, and Loisium Champagne. The investment strategy combines hands-on management, cutting-edge technology stack, and disruptive business models that align owner/operator incentives.
Differentiator
Problem solved
Functional benefit
Brands
- Aethos Hotels & Clubs: Community of boutique hotels and clubs in Europe celebrating local culture through wellness, contemporary architecture, and elevated F&B experiences. Operates five destinations in Italy, France, and Portugal.
- Eterniti
- MYNE Homes
- Loisium Wine & Spa Hotels
- Crafted
- Voaara
- Anagram
- Ydun
- Selar
- REX (Rex Rooms)
Products and services
- Amethyst Fund Dedicated private equity fund capitalizing on opportunities in European real estate and hospitality. The fund acquires underperforming boutique hotels, applies targeted CapEx, deploys proprietary technology, and repositions assets under differentiated lifestyle brands.
- Co-Investment Vehicles Specialized co-investment opportunities offered to qualified family offices and institutional investors alongside Limestone Capital's core fund strategies.
- Aethos Hotels & Clubs A community of lifestyle hotels and clubs in Europe celebrating local culture through wellness, contemporary architecture, and elevated food and beverage. Operates five destinations in Italy, France, and Portugal with more in development.
- Eterniti (formerly Emerald Stay) Leading B-corp operator of vacation rentals and short-term rental consolidation in iconic destinations across USA and Europe. Operates 800+ exclusively managed properties under Emerald Stay (4-star) and Bo House (5-star) brands with over €2 billion in real estate under management.
- MYNE Homes Europe's leading co-ownership platform enabling individuals to own and enjoy fully serviced premium vacation homes in sought-after destinations at a fraction of the cost through a smart co-ownership model.
- Loisium Wine & Spa Hotels Immersive wine retreats in Europe's most beautiful wine regions blending exceptional cuisine, holistic spa experiences, and award-winning architecture. Locations in Austria's South Styria, Langenlois, and France's Champagne region with expansion planned.
- Crafted Life-friendly hotels and members' club spaces where guests and locals connect with nature, food, wellbeing, craft, people, and play. First property opening in Powdermills, Sussex in 2025 with plans to scale across UK and Europe.
- Voaara Barefoot luxury brand offering simple elegance and quiet luxury for travelers seeking unspoiled nature in remote destinations, surrounded by five-star resort amenities. First retreat on Madagascar's Sainte-Marie Island.
- Anagram Social, stylish, and welcoming hospitality brand founded in Munich in 2024, blending premium comfort with strong community spirit where travelers and locals connect.
- Ydun Premium health optimisation studio combining proactive healthcare with personalised, data-driven training through comprehensive check-ups, ongoing assessments, and tailored programs for longevity and well-being.
- Selar Sustainable Polar Expedition Cruises Sustainable expedition cruise company revolutionising adventure travel with eco-friendly voyages. Building a fleet of close-to-zero-emission ships using solar panels and wind technology to navigate pristine polar regions.
- REX (The Rex Rooms) Bold late-night lounge concept by designer Marc Jacques Burton on King's Road in Chelsea, opened February 2025, featuring elevated design, curated music, and strong cultural identity.
- Outsite Equity and Real Estate Partnership Equity and real estate investment partnership in Outsite, a hotel brand operating 40 properties worldwide focused on social extended stays for remote workers and professionals.
Quantifiable outcome
- Aethos Ericeira achieved cash flow positive status within first two months of operation
- +4 more outcomes
Companies that use Limestone Capital AG
Customer profileSegments3 records
Ideal customer profiles1 record
Limestone Capital AG technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Limestone Capital AG partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered notable, supporting and flagship.
- SelarnotableLimestone Capital invested in Selar, the world's first fully sustainable polar expedition company founded by Sophie Galvagnon, Julia Bijaoui, and Quentin Vacher. Selar is building a fleet of close-to-zero-emission ships with 20,000 square feet of solar panels and solid sails, targeting 90% CO2 emission reduction.
- Alpine Space VenturesnotableCo-hosted the second edition of On the Edge Summit 2023 at Aethos Ericeira. Europe's leading New Space Venture Capital fund, led by former SpaceX executives. Summit brought together entrepreneurs, scientists, visionaries and investors from Space Tech, Deep tech, Bio tech, Longevity and Travel & Leisure sectors.
- UBSsupportingListed as a Best Practice Partner - one of the leading investment houses Limestone works with to instill highest levels of professionalism and best practice across their global investment portfolio.
- ATDOMsupportingListed as a Best Practice Partner - legal/advisory firm partner working with Limestone Capital on professional best practices across their global investment portfolio.
- EternitiflagshipLimestone Capital invested €30M in new funding (€50M total raised) into Eterniti (formerly Emerald Stay), a Geneva-based luxury short-term rental consolidation company. Eterniti operates 800+ properties across 25 destinations under three brands (Bo House, Verbier Exclusive, Emerald Stay). Notable co-investors include Olivier Jolivet (former Aman CEO) and F1 driver Valtteri Bottas.
- Group BarrierenotableStrategic partner providing global distribution network for Limestone's hotel portfolio properties, particularly supporting rapid sales ramp-up for newly acquired assets.
Scale indicators9 records
Recent moves8 records
Expansion highlights6 records
Limestone Capital AG competitors and assessment
Company assessmentDirect peers
- KSL Capital Partners: US-based private equity firm exclusively focused on travel, leisure, and hospitality. Directly comparable to Limestone as a sector-specialist PE investor that acquires and operates hotels, resorts, and lifestyle assets with operating value-add expertise.
- Pandox: European hotel property investor and operator with a pan-European portfolio of full-service and lifestyle hotels. Comparable to Limestone as a European-focused hospitality real estate investor pursuing value creation through active asset management and operator partnerships.
- Highgate Hotels: Hospitality management, investment, and development platform operating hundreds of upscale and lifestyle hotels across the US and Europe. Comparable to Limestone as a vertically integrated operator-investor combining asset management with proprietary brand incubation.
- Aman Group: Ultra-luxury hotel and resort brand with a small, highly curated portfolio of destination properties globally. Comparable to Limestone as a vertically integrated luxury lifestyle hospitality operator with similar target guest demographics and brand-driven premium pricing.
- Six Senses (IHG): Luxury lifestyle hotel and resort brand operating boutique, wellness-focused properties in iconic destinations. Comparable to Limestone's Aethos and Voaara brands as a curated portfolio of high-end experiential lifestyle hotels with comparable guest profiles.
Broad incumbents
- Blackstone (Hospitality Platform / HIP): Global alternative asset manager with significant European hospitality exposure through Hotel Investment Partners (HIP). Comparable as a major hospitality real estate investor that has transacted with Limestone (sold Hotel Axel Madrid in 2023) and competes for similar European hotel assets.
- Brookfield Asset Management: Global alternative asset manager with significant European hospitality and leisure real estate holdings. Comparable to Limestone as a large-scale investor in hospitality assets and lifestyle platforms across European destinations.
- L Catterton: Consumer-focused private equity firm with significant hospitality, lifestyle, and experiential brand investments. Comparable to Limestone as a sector-specialist investor in luxury lifestyle brands and hospitality platforms with similar family office and institutional LP base.
Emerging players
- Selina: Lifestyle hospitality brand targeting millennial and digital nomad travelers with a global portfolio of design-forward hotels and hostels. Comparable to Limestone's Crafted and Anagram brands as an emerging lifestyle hospitality concept targeting similar experiential traveler segments.
- Yanolja / BlueOval: Asia-based travel and hospitality technology platform that has expanded into hotel operations and investment. Comparable to Limestone as a tech-enabled hospitality investor leveraging proprietary technology and data to optimize hospitality operations at scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Limestone Capital AG social profiles
Digital presenceLimestone Capital AG financial estimates
Financial estimateRevenue estimate
Valuation estimate
Limestone Capital AG leadership team
Management profileNumber of profiles
Profiles13 records
Limestone Capital AG subsidiaries and ownership
Company hierarchySubsidiaries10 records
Limestone Capital AG funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Limestone Capital AG M&A and investment
M&A and investmentM&A
Investments6 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Limestone Capital AG
What does Limestone Capital AG do?
Limestone Capital AG is a private equity firm that invests in and develops branded hospitality platforms in the global travel and leisure sector, often combined with a value-add real estate strategy. The firm acquires underperforming boutique hotels and hospitality assets, repositions them under differentiated lifestyle brands, and operates them through its vertically integrated platform. It manages capital on behalf of family offices and institutional investors via its Amethyst Fund and co-investment vehicles, with over €1 billion invested across various hospitality platforms.
Is Limestone Capital AG a public or private company?
Limestone Capital AG is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Limestone Capital AG founded?
Limestone Capital AG was founded in 2018. It employs 11 to 50 people.
Where is Limestone Capital AG based?
Limestone Capital AG is headquartered in Zug, Switzerland, in the Europe region.
How does Limestone Capital AG make money?
Three revenue lines are on record. Fund Management Fees are the primary driver. The others are performance Fees / Carried Interest and asset Value Appreciation.
Who are Limestone Capital AG's main competitors?
Direct peers on record are KSL Capital Partners, Pandox, Highgate Hotels, Aman Group and Six Senses (IHG). Broad incumbents are Blackstone (Hospitality Platform / HIP), Brookfield Asset Management and L Catterton. Emerging players are Selina and Yanolja / BlueOval.
Does Limestone Capital AG have an API?
No public API is recorded for Limestone Capital AG.
What industry is Limestone Capital AG in?
Limestone Capital AG's product category is Hospitality Private Equity. Its primary akta.pro industry code is BPAJAMAE, Hospitality (Hotels & Resorts) Asset Management, with a secondary code of BPAJAMAB, Commercial Real Estate Asset Management. Its NAICS code is 5239 and its SIC code is 6799.