Barcelona-based hotel manager By Salomon Hospitality, born within the family office of the Serra Moreno family, announces an agreement with NH Hotel Group, owned by Thai group Minor Hotels, to hand over management of three of its properties. Two are located in Barcelona, the Hotel Arco, formerly Hotel Lugano, and NH Les Corts, acquired by Salomon in 2025, and one in Budapest, previously operated under the Group’s own Honest brand. The alliance will take effect in January 2027, under a model in which By Salomon retains 100% ownership of the business and staff, while handing the brand and management over to NH in exchange for a fee.
Harry Serra, CEO and founder of By Salomon Hospitality, explained that his Group’s positioning rests on warmth, closeness and natural charm, qualities that don’t suit every asset, as some hotels, depending on the building type or clientele, call for a more corporate model, a segment he acknowledges the Group doesn’t handle in-house. He said this partnership with NH, driven more by pragmatism than by ambition, allows the Group to continue its ambitious growth, with the goal of becoming a product-agnostic European platform, without having to directly operate segments where the Group doesn’t see itself adding differentiated value, such as pure corporate travel.
Founded in 2023 by Harry and Toni Serra Moreno, graduates in business administration from the University of Barcelona and IQS School of Management respectively, By Salomon Hospitality draws on eight years of prior experience in investing in and repositioning real estate assets through the Salomon 1965 structure, founded in 2015. The two brothers are also financial partners in several restaurant chains, including Crep Nova, Isabella’s, Good News and, as a minority investor, Glovo.
Starting from an initial portfolio of three hotels generating €6 million in revenue, By Salomon Hospitality now comprises 24 assets, 14 of which are already operational, with the rest undergoing renovation or works. The Group expects to close 2026 with €30 million in turnover and EBITDA margins of between 20% and 25%, with a target of €50 million in revenue by 2029, once the current portfolio is fully stabilised and operational.
While the Group has a European presence, notably in Portugal and Hungary, 70% of its assets remain located in Spain. The portfolio is organised around a system of brands: Camila for hostals, The Honest for the affordable segment, Casa Teva for limited-service design properties, Círculo for upscale lifestyle, and independent ultra-luxury projects under the By Salomon label. The Group’s strategy is to identify older, family-owned hotels facing generational succession challenges or that have failed to adapt to current market trends, with a preference for long-term leases over direct purchase, a less capital-intensive approach that allows for faster growth.
Illustrating its ultra-luxury positioning, the Group is currently working on the opening of a new five-star hotel in Lisbon, with an initial investment exceeding €8 million, building on its flagship property Finca Victoria, in Begur, on the Costa Brava.
At a Glance
By Salomon Hospitality — NH (Minor Hotels) alliance – Deal: management handover of 3 hotels to NH (Minor Hotels), effective January 2027 – Properties: Hotel Arco (Barcelona, ex-Hotel Lugano), NH Les Corts (Barcelona, acquired 2025), Honest (Budapest) – Model: By Salomon retains 100% ownership and staff; NH takes brand + management for a fee – Combined scale: ~230 rooms, €12M in sales, ~100 employees – By Salomon portfolio: 24 assets (14 operational), founded 2023 by Harry & Toni Serra Moreno – 2026 target: €30M turnover, 20-25% EBITDA margin; 2029 target: €50M turnover – Geographic mix: ~70% Spain, plus Portugal and Hungary – Brand system: Camila, The Honest, Casa Teva, Círculo, By Salomon (ultra-luxury)
