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Edgar Melo Costa

Entrepreneur and private equity investor. Real estate, hospitality, private aviation, wine and spirits, and artificial intelligence, across four continents.

15+countries invested in
4continents
2004first company founded
8companies led or backed

About

Capital with an operator's instinct.

Read the fine print. That is where the leverage is.
Edgar Melo Costa

Edgar Melo Costa built and sold several construction businesses in Portugal before founding EMC Acquisitions in 2014, a private investment group that has backed growth companies in more than 15 countries across Europe, the Middle East, Africa and North America, with a focus on real estate and hotels.

In 2018 EMC Acquisitions became an equity partner of KEY Real Estate Holdings in New York, where Edgar joined as Vice President and a member of the board, working on luxury hotel and residential developments in the Hudson Valley and Westchester.

From his base in New York, he leads a group of consumer and travel companies: Melion, a private jet charter marketplace that has certified operators compete for every trip; Grus Drinks, which imports and distributes premium wines from Iberian, French, Italian and South American estates across North America; and MezcalSearch, an app for discovering tequila and mezcal.

He also invests in artificial intelligence, backing AI founders through ELP Ventures and running iQuash, a legal-technology platform that checks tickets, fines and notices for defects and connects people with licensed lawyers who can act on them.

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ELP Ventures funds

elp-ventures.com ↗
  1. IELP Ventures IReal estate
  2. IIELP Ventures IIPrivate equity
  3. IIIELP Ventures IIIWinery acquisition
  4. IVELP Ventures IVReal estate
  5. VELP Ventures VReal estate · Florida
  6. VIELP Ventures VIReal estate · Canada

Tequila & mezcal

Tequila sold 9.5% more cases but less per case: volume is hiding a price problem

Tequila's latest control-state numbers tell me the category is still winning shoppers but losing pricing power, and those are two very different kinds of health. When cases grow twice as fast as dollars, the bottle in the basket is getting cheaper. A brand owner who reads September as a recovery is reading the wrong line of the report.

Vinetur reported on November 3 that the National Alcohol Beverage Control Association counted 600,260 nine-liter cases of tequila sold in US control states in September, a 9.5% rise on a year earlier. Retail value grew only 4.6%, to $199.18 million. Over the 12 months to September, volume was up 3.0% while value fell 1.3%.

Two details soften the headline. Labor Day landed on September 7 this year against September 1 in 2025, which pulled holiday selling into the month for every spirits category; total control-state spirits volume rose 3.2% and dollars 1.4%. And against August, tequila added 7,812 cases yet took in $2.20 million less. More liquid moved, and less money came back with it.

The source does not put a price on a case, so I worked it out. September revenue of $199.18 million over 600,260 cases is about $332 per case. August, rebuilt from the same report, was $201.38 million over 592,448 cases, or about $340. That is roughly $8 less per case in a single month, a drop of 2.4%. Against last September the decline is larger: value growth of 4.6% divided across volume growth of 9.5% means each case earned about 4.5% less than a year ago, and the 12-month figures give a similar 4.2%. Three different windows, the same direction.

A few days ago I wrote about Espolòn growing 16.2% in control states through August on a 200 ml bottle and an easy, unpretentious pitch. Put that next to these numbers and a pattern appears. Smaller formats, value brands and promotions all add cases faster than they add dollars. I do not think that is a sign of weakness in the drinker. It is a sign that the drinker is exploring on a budget, buying more often and spending less each time. The category is still recruiting people. It is just recruiting them at a lower ticket.

That shift matters to how we run MezcalSearch. The app exists to help people find and compare tequila and mezcal bottles before they buy, and the question we see behind most searches is not which bottle is the most prestigious but which one is worth the money for a specific occasion. A shopper who is trading down on price still wants to feel sure about the choice. That is where discovery earns its keep: when the average spend per case is falling, the brands that hold their price will be the ones a curious buyer can understand quickly, not the ones with the loudest launch.

My read for producers and importers is simple. Do not budget next year on September's 9.5%. Budget on the revenue per case, watch whether the $8 monthly slide repeats in October, and treat any premium launch as something that has to justify itself on the shelf, one bottle at a time. Volume is buying time for tequila. Price is where the next year will be decided.

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Real estate

Marriott's growth leans on conversions because new hotels are hard to pencil

Marriott's third quarter tells me that the brand growth hotel investors keep hearing about is coming more and more from buildings that already exist. In today's cost environment, the best hotel opportunities are repositionings of standing assets, not new construction, and the largest hotel company in the world is quietly confirming it. The owners who do well over the next few years will be the ones holding the right existing building, not the ones breaking ground.

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Private aviation

NetJets adds 800 jobs in Ohio: private aviation's real moat is people, not jets

The most telling private aviation investment this week was not an airplane order. It was an office campus in Ohio. When the largest operator in the world commits to more than 800 new jobs and a dedicated crew training center, it is telling the market where the advantage now sits: in the people who fly, schedule and maintain the aircraft, and in the systems that keep them consistent. Anyone can lease a jet. Very few can build the organization behind it, and that gap is getting wider.

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Wine & spirits

Wholesalers hold 44% more stock than normal: wine shelf space will keep shrinking

The headline from America's wine and spirits wholesalers this week was stabilization, but the number I would pin above every importer's desk is buried lower in the report: the distribution system is still carrying far more stock than it can sell at a normal pace. That means the squeeze on wine listings will continue into 2027 even if the holidays go well. For anyone bringing wine into the US, the winning move now is a shorter list of labels with proven pull, not more listings placed in hope of a rebound.

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