The Spanish group Azora, through Azora European Hotel & Lodging, has completed the acquisition of the Sheraton Rhodes Resort from Lampsa Hellenic Hotels for 43.8 million euros.

The Sheraton Rhodes Resort is a 5-star hotel on the island of Rhodes in Greece owned by Marriott International. The world's leading hospitality group will also continue to operate the property.

The 401-room sea-view hotel is Azora's first asset in Greece. The hotel offers a wide range of upscale services including five restaurants, three outdoor pools, an indoor spa with an indoor pool, a kids club, sports and leisure facilities, 15 meeting rooms and over 3,000 square metres of event space.

Lampsa congratulates the new owners on their acquisition and wishes them every success with this investment, which is also a vote of confidence in the Greek islands' tourism industry. 

Relates Lampsa Hellenic Hotels in a release

This new acquisition completes the portfolio of assets of the Spanish group, which already includes 34 hotels with approximately 9,300 rooms, located in Spain, Italy, Portugal and Belgium.

Azora also explains that it continues to work actively to identify new investment opportunities, given the potential and attractiveness of the Greek market.

This transaction reflects our strong conviction in the hospitality sector across the Mediterranean. Expanding our presence into Greece is an important milestone for the Fund, as we are now active in the most consolidated sun and beach destinations in Europe (Spain, Portugal, Italy and now Greece). We strongly believe in the Greek market and its longstanding appeal, not only for attracting European visitors but also to cater to the growing US tourist base. Our latest acquisition is an asset of exceptional quality and is strategically located in one of the most popular islands of the Aegean. Moreover, the hotel will continue to be run by a bestin-class operator, Marriott, and we look forward to partnering with them in this endeavour.

Concha Osácar, one of Azora’s Founding Partners