Hong Kong-based realty private equity firm Gaw Capital Partners has acquired a 50% stake in Hospes Hotel Group, a Spanish boutique hotel brand.

For the acquisition, the company has formed a joint venture with investment firm Omega Capital. 

Hospes Hotel owns ten luxury boutique hotels throughout Spain and has assets of 125 million euros ($164 million).

Gaw Capital said entering the Spanish market with Hospes Hotel marks an important milestone for the company and its hospitality platform, GCP Hospitality, as it looks to expand its presence in Europe.