Azora has completed the acquisition of Bluserena SPA, an operator of vacation resorts in Italy, from the Maresca family.
Founded in 1985 by Carlo Maresca SPA, Bluserena manages a portfolio of 13 hotels, eight of them owned, spanning Italian tourist destinations, including Sardinia, Sicily, Apulia, Abruzzo, Piedmont and Calabria.
The portfolio acquired by Azora has a capacity of more than 4,200 rooms, is made up of a portfolio of 11 four-star hotels (villaggi) and two five-star resorts with full board and all-inclusive offer, attractive beaches and a wide range of entertainment services, including swimming pools, sports facilities and clubs for children and young people.
The operation includes the hotels and the operating company that will continue to be located in Pescara (Abruzzo). The objective of the operation is focused on strengthening the Bluserena brand, for which it will execute an investment program worth 30 million euros to reposition the establishments and improve customer satisfaction. Likewise, the company's growth in the Italian market will be boosted through new hotel acquisitions and new leasing and management contracts to consolidate itself as a leading player in the country.
"This operation once again confirms Azora's conviction that there is a significant stunted demand for travel as a result of COVID and that there will be a strong recovery in the market as vaccination advances in Europe. The acquisition of this large Italian operator is part of in our commitment to the European hotel market and particularly to Italy, both due to the strength of the domestic tourism market and the growing presence of international tourists in destinations such as Puglia, Sicily or Sardinia ”, says Concha Osácar, co-founder partner of Azora.
“We believe that Bluserena is ready to take a new qualitative leap hand in hand with a European fund like Azora. Azora seemed to us the most suitable partner to continue Bluserena's history and boost its growth. They have seen in Bluserena a leading hotel management platform in Italy and, as such, a future development tool. Bluserena is now initiating a growth phase in the Italian market that will create opportunities for the team and the city of Pescara, keeping the headquarters in the city ”, says Silvio Maresca, CEO of Bluserena.
Last September Azora closed its latest pan-European investment fund in hotels, reaching 815 million euros in total commitments, plus additional joint venture capital. With the acquisition of Bluserena SPA, it will have committed 56% of its investment capacity.
The fund invests in European tourism, a segment with a long-term growth trend and with a clear scenario of clear recovery after the pandemic. The fund aims to invest both in traditional beach and mountain destinations, as well as in the main European tourist cities. This operation is the fifth that the fund has carried out since its constitution, after the acquisition of the seed portfolio of the Giverola Resort, a hotel on the Costa Brava, and the purchase of Tivoli Vilamoura, Tivoli Carvoeiro and Vilalara Thalassa Resort, in the region Portuguese from the Algarve. The fund already has a portfolio of 31 hotels in Europe. CBRE, as exclusive financial advisor, and Chiomenti, as legal firm, have advised Carlo Maresca SPA, while Azora has been legally advised by Bonelli Erede.