Open-air hospitality (camping, glamping, caravan parks, lodges, cabins and more) is emerging as one of the most compelling and underinvested opportunities for private equity in European travel and leisure. The market is still largely dominated by single family-run campsites and small independent operators with limited professionalisation, and remains far from institutionalised. Yet a growing number of investors are beginning to recognise the structural dynamics that could turn camping and glamping platforms into attractive investment propositions.
In Iberia, Meridia Capital launched Spain’s leading open-air hospitality platform Wecamp in 2020 and is now expanding into Portugal. Luis Amezola, Associate Director, says ‘outdoor hospitality is benefiting from a significant supply–demand imbalance, particularly in Iberia, where demand for nature-based and experiential travel continues to grow. This imbalance is reinforced by a highly fragmented and underinvested supply base, a largely non-institutionalised market, and high barriers to entry.’
Consolidation is beginning to take shape across key European markets. Recently RoundShield, the European credit and tactical opportunities arm of Harrison Street Asset Management, announced the successful exit of its interest in Logyslife, the leading German and Swiss campsites platform, widely seen as a success story. Anne-Marie Auriault, a Director within the Hospitality Asset Management Team at RoundShield argues that, ‘for an institutional investor, scale is not optional in the outdoor hospitality / camping segment. What becomes investable is the portfolio effect, where multiple similar assets can be aggregated, professionalised, and operated under one platform.’
From an operating perspective, well-managed outdoor hospitality assets can deliver resilient cash flows with high operating margins and strong ancillary revenue potential.
As hotel investment advisor Pierre-Edouard Vintrou notes: “Open-air hospitality in Europe is rapidly emerging as one of the most compelling growth stories in travel. The sector combines strong structural demand for nature-based and experiential travel with a highly fragmented ownership landscape that offers significant consolidation opportunities for investors."
Anne-Marie Auriault, Luis Amezola and Pierre-Edouard Vintrou will share further insights at IHIF EMEA in Berlin in the session ‘Capitalising on the outdoors: Camping, glamping and open-air hospitality’.