The deal marks Gaw Capital’s second major overseas hopitality investment in a month — following its acquisition of a hospitality-office complex in Melbourne, Australia on July 2. GCP hospitality executed the deal with a joint venture with Spanish investment company Omega Capital. This marks the continuation of the Hong Kong-based private equity firm’s plans to branch out into European hospitality.

Goodwin Gaw, Gaw Capital’s chairman and managing principal stated: “We will further expand the Hospes brand by opening more properties in tourist areas and strategic cities within Spain and Southern Europe.”according to a Gaw Capital statement – hailing the new acquistion as an important milestone for the company.

Hospes Hotel Group is the current owner and operator of 10 properties in Spain– most of them luxury 5-star boutique hotels, located in Madrid, Alicante, Granada, Valencia, Mallorca, Córdoba, Seville, Cáceres and Salamanca.

Their acquisition marks the latest in a string of hotel deals for Gaw Capital – who now have a portfolio of 23 hotels in key destinations in Asia and the United States. With the first acquisiton going all the way back to 1989 –when its chairman bought and renovated the Roosevelt Hotel.

Gaw is one of the largest real estate private equity fund managers in Asia — having made $7.8 billion in real estate investments over the past four years – including the $938 million acquisition of the InterContinental Hong Kong Hotel in 2015 — according to the Financial Times.