Limestone Capital, a Switzerland-based private equity firm specialising in the experience economy, has acquired a stake of just over 30% in Nokken, a UK-headquartered manufacturer of design-led modular cabins.
The transaction, announced in August 2025, marks a significant step in Nokken’s strategy to expand its international footprint, targeting markets in Europe, the United Kingdom, the United States, Asia, and Australasia.
Co-founder Nathan Aylott described the investment as “a significant milestone in Nokken’s journey and confirmation of where we believe the hospitality market is heading.”
Limestone Capital manages more than €1 billion in assets, with holdings in lifestyle and hospitality platforms such as Aethos Hotels, Emerald Stay, Loisium Wine & Spa Hotels, and Voaara.
The firm is known for combining real estate investment with branded, experience-driven operating models.
Grazi Painelli, managing director and head of acquisitions at Limestone Capital, said:
“Nokken represents a unique intersection of beautiful design, functionality, and emotional resonance. They are redefining how we experience the natural world, and their scalable model aligns perfectly with our vision for the future of hospitality.”
Nokken has positioned itself as more than a cabin manufacturer, focusing on what it calls a “retreat” model in hospitality—nature-immersive accommodations with faster deployment and lower infrastructure costs compared to traditional hotels.
The concept is comparable to developments such as Autocamp or Marriott’s acquisition of Postcard Cabins, enabling operators to create guest experiences in remote or scenic environments such as forests, mountains, and coastlines.
For landowners, RV park operators, and glamping businesses, this model may present an opportunity to diversify revenue streams without the investment and regulatory challenges associated with conventional hotel builds.
Nokken’s low-footprint modular structures minimise environmental disruption and rely on responsible materials, aligning with the growing demand from climate-conscious travellers.
The funding from Limestone will be directed toward forming partnerships with landowners and operators, acquiring components of its supply chain, and expanding sales and marketing capabilities.
“Limestone Capital is a great strategic alignment for Nokken,” said Craig McDonald, CEO of the Nokken Group. “The partnership allows us to focus on bringing our products to some of the best destinations in the world and ensuring end customers can experience nature in new, meaningful ways.”
James Van Tromp, co-founder and chief product officer, added:
“We’ve always believed that great design isn’t just about aesthetics, it’s about impact. This partnership gives us the platform to bring Nokken’s vision to a global stage, where architecture, nature, and emotion meet in powerful, purposeful ways.”
Painelli emphasised that the deal is rooted in shared values: “Nokken delivers meaningful, nature-based experiences without compromising on design or environmental responsibility.”
As the outdoor hospitality market continues to grow, the Nokken-Limestone partnership could signal increased investment interest in modular, sustainable retreat concepts, particularly those that can be adapted quickly to meet shifting guest preferences and environmental standards.
Featured image by Nokken