2023-09-06 18:00:54
Azora launches its second fund to invest in holiday hotels in Europe from 2024, with which it expects to raise 1,000 million euros of capital, although added to the debt it could be around 2,000 million euros.
The new fund will be called Azora European Hotel & Lodging II and, together with its predecessor, it will invest in the holiday hotel segment in the main European destinations with a value-added strategy based on the transformation of assets and the active management of hotel operations .
In 2014, Azora began its adventure in this sector with the constitution and management of the Socimi Hispania Activos Inmobiliarios, a vehicle that invested more than 1,300 million euros between 2014 and 2018 in the acquisition of a total of 46 hotels (13,000 rooms), giving result in net returns to investors of approximately 20% per year.
Later, the launch of its first fund would take place in the summer of 2020, Azora European Hotel & Lodging, attracting in the first instance a total of 680 million euros of capital, with the aim of reaching 750 million in the short term.
Finally, in little more than a year it managed to capture 815 million euros, an amount that exceeds the initial objective proposed by the independent asset manager by 36%. After final closing, the fund had a total investment capacity of €1.8 billion taking financial leverage into account.
After its entry into the Greek market with the acquisition of the Sheraton Rhodes Resort, a five-star hotel located on the island of Rhodes (Greece), the company owns a total of more than 30 hotels with around 9,300 rooms, located in Spain, Italy , Portugal and Belgium.
Among the outstanding operations of Azora European Hotel & Lodging are the purchase of Bluserena, the second largest operator of vacation resorts in Italy, from the Maresca family; or the acquisition of the Pestana Blue Alvor, a five-star hotel located in the Portuguese region of the Algarve, an operation with which the fund’s investment amounted to more than 1,000 million euros.
Created in 2003, Azora has raised 6.7 billion euros of national and international institutional capital since its creation and currently manages 9.2 billion euros in pro-forma assets under management, through 18 vehicles.
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