The portfolio has 1.670 beds: Hotel Pez Espada de Torremolinos and Hotel Riviera de Benalmádena, located at the Costa del Sol; and hotels Flamingo Oasis, Río Park, Riudor, Regente and Agir located in Benidorm.
Azora will carry out the refurbishment and repositioning of the hotels, turning them into 4*. hotels, for a total cost of 30 million euro; while group Med Playa will keep managing all the hotels for a period of up to thirty-five years. Azora and Med Playa announced they will keep collaborating in joint investments in the future.
With this operation, Azora bets on Benidorm and the Costa del Sol, two of the more consolidated tourism destinations in Spain, both for domestic and foreign tourists, which have been outstanding throughout the years. This is particularly true of Benidorm, which registered in 2018, more than 11 million stays and 2 million tourists, reaching a hotel occupation of 84% throughout the year, the second highest percentage in the last 15 years.
Azora, which at one point managed more than 13.000 houses through Hispania, considers that the hotel sector keeps offering countless opportunities of investment to add value through repositioning and active management. That is why Azora is creating a new fund to invest in resort hotels in the Mediterranean and hostels in the main European tourist destinations.
«This operation shows Azora’s firm decision to keep investing in the hotel sector, particularly when we can do it together with an operator which has more than 50 years of experience such as Med Playa», highlights Concha Osácar, founding partner at Azora.