This number results from the debt plus the collection of 600 million euro in capital, revealed newspaper Cinco Días this Wednesday. Under its sights are hostels and hotels located in the Mediterranean countries, where Spain is included.
This new fund – which was registered at the Comisión Nacional del Mercado de Valores (National Securities Market Commission) – intends to meet the contractual needs of hotel chains, who look for management contracts instead of leasing contracts. On this point, the company explained that «this initiative is adapted to Azora’s nature by betting on added value and active management strategies».
And this is not the only strategy designed by the management company to invest in the hotel segment. In September, Azora and the Palladium Hotel Group announced the creation of a partnership to keep investing in the segment in Europe. So far, three hotels were traded as a result of this partnership: the Bless Hotel Ibisa, the Fiesta Hotel Tanit and the Fiesta Sicilia Resort. The Spanish management company paid Palladium 115 million euro for the three hotels.