The management team at Calma Capital combines decades of experience in real estate investment, operational management and corporate finance



Colm Duff

Director of Hospitality

Colm Duff has specialized in the luxury end of the global hospitality sector for over 25 years in senior management and business advisory positions. His expertise is in assessing the effectiveness of operations, transforming team behaviours and streamlining assets for improved efficiency. He possesses a unique breadth and depth of experience having led hospitality projects in many parts of the world including China, Australia and the Americas for clients such as Four Seasons, Mandarin Oriental and Shangri-la. Much of his experience stems from his family background in the hotel industry, and from managing teams in front of house for Rosewood New York, and food & beverage in Claridge’s of London.

Colm earned an MBA from University College Dublin, is a graduate of the Dublin Technological University and Cornell’s School of Hotel Real Estate and Asset Management.


Borja Ruiz

Associate – Investments and Asset Management

Borja Ruiz joined Calma Capital as Associate, Investments and Asset Management in 2019 having previously worked for the Spanish branch of Calma’s sister company, Elandis, as a Property Manager. Since 2016, he has developed an asset management strategy suited to the Spanish and European regulatory environment.

He started his career in Adecco Group as a member of the technical HR team for the Key Accounts Dept. In 2010 he moved to a technology company to facilitate their business expansion, receiving the award for the best Spanish franchise in 2012.

He currently manages Hotel Miramar in Valencia and supports management operations at Alborada Ocean Club. Also he collaborates with the investment department in the search and assessment of new opportunities.


Gerardo Izco

Director of Operations and Business Development

Gerardo Izco joined Elandis in 2015. He has been involved in the purchase and operations of hotel assets for Elandis in Spain with opportunistic market focus. He has lead negotiations for the acquisitions with a mixture of debt and equity.

He developed his professional career in the development and management of a chain of restaurants called “Café&Te”. In 2004 he founded his own company which specialized in the operation of cafes and restaurants. From 2011 to 2015 he specialised in managing insolvency proceedings, experience he has applied since his joining Elandis in the sourcing and acquisition of assets.

Gerardo holds a degree in law from the Universidad de Navarra and earned an MBA from IE (Instituto de Empresa, Madrid).