Project Update · July 2025

Aethos
Lisbon

Traversa da Escola de Araújo · Lisbon, Portugal

60 Keys

€42m Total Budget

2027 Opening Year

7.8% Yield on Cost (2030E)

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01 Budget Update

Capital Structure

Total remaining funding needs to conclude the project amount to €31m (Phase II and Phase III), to be funded across three distinct sources.

Sources

Current Equity €11m

Contributed Funding €11m

Secured Bank Financing €15m

Capital Increase €9m

Bridge loan conversion €4m

Cash contribution €5m

Mezzanine / Private Debt (2026) €7m

Remaining Funding €31m

Total Sources €42m

Uses

Asset Acquisition & related costs €11m

Phase I Total €11m

Soft Costs €1m

Hard Costs €22m

FF&E €3m

Phase II Total €26m

Opening Budget + OS&E €3m

Pre-opening debt obligations €2m

Phase III Total €5m

Total Uses €42m

Total funding needs to conclude the project is €31m (Phase II and Phase III), funded as follows:

Bank financing of €15m

Capital increase of €9m where all shareholders can participate pro-rata — €4m bridge loan conversion by Limestone + €5m cash contributions

Mezzanine or Private debt in 2026 of €7m

02 Business Plan

Operational Projections

60-key boutique hotel targeting premium leisure and business travellers in central Lisbon, ramping to a stabilised 75% occupancy and €377 ADR by 2030.

2027E · Year 1

Occupancy 59.4%

ADR €316

RevPAR €188

Days Open 362

Total Revenue €6.2m

GOP €2.2m (35%)

EBITDA (Post-FF&E) €1.8m (29%)

Rooms Margin 69%

F&B Margin 28.3%

2028E · Year 2

Occupancy 65.2%

ADR €335 (+6%)

RevPAR €218 (+16%)

Days Open 323

Total Revenue €7.3m

GOP €2.8m (38%)

EBITDA (Post-FF&E) €2.3m (32%)

Rooms Margin 71%

F&B Margin 28.3%

2029E · Year 3

Occupancy 72.3%

ADR €366 (+9%)

RevPAR €264 (+21%)

Days Open 333

Total Revenue €8.6m

GOP €3.6m (41%)

EBITDA (Post-FF&E) €3.0m (35%)

Rooms Margin 74%

F&B Margin 28.2%

2030E · Stabilised

Occupancy 75.2%

ADR €377 (+3%)

RevPAR €284 (+7%)

Days Open 334

Total Revenue €9.2m

GOP €3.9m (42%)

EBITDA (Post-FF&E) €3.3m (36%)

Rooms Margin 75%

F&B Margin 28.2%

2027E Yield on Cost 4.3%

2028E Yield on Cost 5.6%

2029E Yield on Cost 7.1%

2030E Yield on Cost 7.8%

03 Capital Increase

€9m Equity Raise

All shareholders may participate pro-rata in the capital increase. Following approval, a shareholder resolution will be executed.

Capital Increase Amount

€9,000,000

€5m cash contribution
+ €4m bridge loan conversion

Pre-Money Valuation

€13.7m

Implied post-money: €22.7m

Newly Issued Shares

39.87%

Shareholding of new capital

Limestone Bridge Conversion

€4m

Existing bridge loans converted to equity

Internal Procedure

All shareholders will have a pro-rata right, but not an obligation, based on their ownership of issued capital, to participate in subsequent financings of the company. After the capital increase participants are approved, a shareholder resolution will be executed to formalise the new structure.

Capital Composition

Cash Contribution — €5m (55.5%)

Bridge Loan Conversion — €4m (44.5%)

04 Bank Financing

€15m Debt Facility

Senior secured construction and investment facility arranged equally between Santander and Novo Banco, with a 10-year term and 3-year grace period.

Principal

€15,000,000

CAPEX and FF&E purposes

Term

10 Years

3-year grace period

Structuring Fee

0.60%

One-time upfront fee

Repayment Schedule

Years 4–8: 4% per year amortisation

Years 9–10: 5% per year amortisation

Balloon payment: 70% at maturity

Interest Rate

4.9% fixed
on 65% of loan

+ Euribor 3M + 2.5% on remaining 35%

Santander 50%

Novo Banco 50%

Security Package

First rank mortgage over the asset

Pledge over ≥75% of shares in asset-holding company

Pledge over bank accounts

Bank designated as beneficiary of all insurances