Azora purchased its third luxury hotel in Algarve

Azora purchased its third luxury hotel in Algarve

The five-star asset is located at Praia das Gaivotas in Porches and it has 118 rooms, operated by Blue &Green, according to a release issued by Azora. The numbers of the operation were not disclosed.

Azora launched the fund in July 2020, following a first an initial liquidation of 680 million euro in capital commitments, and it now has a total investment capacity of 1.5 billion euro, to be invested in leisure hotels across Europe, especially in beach units. 

This was the fourth operation carried out by the fund since it was established, following the purchase of its initial portfolio, constituted by 10 resort and 4 urban hotels across Europe. Last month, Azora acquired two leisure hotels in Algarve for 148 million euro and a 213 room aparthotel, the Giverloa Resort, in Costa Brava (Catalonia).

«The Hotel Vilalara operation strengthened our knowledge of the tourism segment’s recovery in Europe and Algarve’s unique position to lead this recovery», pointed out Concha Osácar, co-founder of Azora. «We remain convinced of this region’s and the Portuguese market’s attractiveness and we want to remain very active working with the hotel groups», she added.

During the first half of the year, investment in hotel assets reached 1.094 billion euro, already surpassing the 955 million euro registered throughout the whole of 2020, according to data from consultancy firm Colliers. 

Adding hotel acquisitions, to those of buildings to be converted into hotels and terrains for hotel developments, a total of 52 operations, representing 7.333 dwellings, were carried out. This data, according to the consultancy firm, seems to mark an end to the 2020 crisis.

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