For Investors
The Art of Return.
The Science of Place.
Private investment opportunities in wellness-driven, heritage-rich hospitality — Southern Europe's most enduring asset class.
~18–22%
Base Case
Net IRR
2.1–2.3×
Base Case MOIC
€213M
Flagship Capitalization
~€17M
Stabilized EBITDA (Year 5)
6–7
Year Target Exit
Terra Maris Capital acquires underutilized heritage assets across Southern Europe, repositions them with wellness and design-led programming, and exits at meaningfully higher valuations.
We source off-market. We operate with conviction. Wellness tourism is booming – forecast to reach ~$2.4 trillion globally by 2035, and investors are allocating more to experiential hospitality.
Southern Europe — Spain and Italy. Mature, year-round tourism markets: Costa del Sol, Tuscan coast, Veneto. Not emerging markets — enduring ones, with structural demand that benefits from lifestyle migration, UHNW second-home demand, destination events, and wellness tourism tailwinds.
Geography
Ultra-luxury resorts, boutique hotels, branded residential, and villa developments. Assets with heritage, character, and location that have been underleveraged or mismanaged — and can be transformed through disciplined repositioning and wellness-driven brand elevation.
Sectors
Acquire at or below replacement cost. Execute targeted capex repositioning. Drive EBITDA through ADR growth, occupancy optimization, and ancillary monetization. Layer residential development upside. Exit to institutional buyers at cap rates that reflect the transformed asset — not the one we acquired.
Approach
Base case: net IRR of 17–19% and 2.1–2.3× equity multiple over a 6–7 year hold, protected on the downside by operating hotel cash flows. Upside case: 21–24% IRR and 2.5× MOIC with full residential monetization. Downside: ~15% IRR with capital preservation as the floor.
Return Targets
Investment Structure
Terra Maris Capital operates a single-asset special purpose vehicle (SPV) per deal. Each vehicle is purpose-built for one property — Terra Maris acts as General Partner (GP) and sponsor, and outside investors participate as Limited Partners (LPs). Assets are held within the SPV until exit, with no cross-deal exposure between investments.
The structure follows a standard private equity model. The GP contributes 10–20% equity per deal — we are invested alongside you, not simply managing from the sidelines. LPs contribute the remaining 80–90%. GP equity participation can vary based on the level of sponsor involvement in each transaction.
Individual deals range from €20–80 million in total equity. We target lead equity commitments of €1–20 million per investor, per deal.
Early investors in our platform receive priority co-investment rights on each new deal, up to a defined allocation percentage. First-mover access is intentional — and it compounds as the portfolio grows.
Capital is called at deal close. There is no open-ended blind pool structure. You know the asset, the underwrite, and the terms before any capital is deployed.
Edge & Competitive Advantages
Local Expertise
Deep Southern Europe network: local development partnerships and off-market deal flow in premium locations.
Wellness & Design Focus
Niche expertise in wellness-driven repositioning – often lacking in traditional PE or REIT deals. We add value by integrating wellness amenities (spas, health programs) that justify higher rates and yields.
Operational Upside
Hands-on operator network: Partnerships with hospitality operators ensure successful repositioning (higher RevPAR, occupancy).
Team Credentials
Leadership with 150+ years of combined luxury hotel experience — including John Rubino's direct oversight of 300+ hotels ($6.8B portfolio, $1.65B in annual revenue), MJ Paschall's three decades scaling branded hospitality platforms, and Domenico Apollaro's 20+ years as an operator and investor in design-led, wellness-forward European destinations.
Regenerative
& ESG Alignment
Our wellness/heritage focus aligns with ESG trends – appealing to modern LP criteria.
Terra Maris is not a typical financial buyer. We deliver differentiated value through operational depth, cultural fluency, and a wellness-first investment lens that most PE and REIT buyers simply don't have.
How We Think
About Risk
Every investment carries risk. We'd rather address that directly than bury it in footnotes.
Market Risk
We focus on mature tourism regions with year-round demand. Diversification across Spain and Italy reduces country risk, and our demand base spans European, American, and Gulf buyers — no single market drives the thesis.
Operational Risk
We partner with top-tier operators who have proven business models. Structured earn-outs and management contracts align incentives across the hold period.
Construction & Development Risk
Major projects only commence after securing permits and fixed-cost contracts. Conservative timelines and budgets with contingency built in from the start.
Residential Sales Risk
Residential development is presale-driven — construction doesn't begin until approximately 70% of units are committed. Each residential component sits in a separate SPV, ring-fenced from the hotel asset.
Financing Risk
We carry conservative leverage at approximately 55% LTV, with a two-year interest-only period built into the structure from close.
Exit Strategy
We underwrite exit cap rates at 6.5–7.5% and stress-test returns to ensure target IRRs hold under pressure. Assumed exit value on the hotel alone: €225M–€260M+.
Skin in the Game
Terra Maris commits significant GP equity on every deal. We are invested alongside you — not managing from the sidelines.
Every investment carries risk. We'd rather address that directly than bury it in footnotes.
Market Risk
We focus on mature tourism regions with year-round demand. Diversification across Spain and Italy reduces country risk, and our demand base spans European, American, and Gulf buyers — no single market drives the thesis.
Operational Risk
We partner with top-tier operators who have proven business models. Structured earn-outs and management contracts align incentives across the hold period.
Construction & Development Risk
Major projects only commence after securing permits and fixed-cost contracts. Conservative timelines and budgets with contingency built in from the start.
