Spanish fund manager Azora has acquired the property The Lodge in Porto from Pluris Investments for a total of €40 million.
Azora continues its commitment to the Portuguese luxury hotel sector with the acquisition of The Lodge. The property has seven floors and 119 rooms, including fifty luxury units and nine suites. It opened in October 2020, although due to the effects of the pandemic, it did not become fully operational until the end of May 2021.
The transaction was carried out through the Azora European Hotel&Lodging vehicle, which the management company had already used to acquire hotel operators in the Portuguese market over the past 18 months.
In May this year, Azora acquired the Pestana Blue Alvor, a five-star hotel in the Algarve region of Portugal, from hotel operator Pestana Group. To be built in 2019 by Pestana Hotel Group, the 120,000-square-metre complex has almost 500 rooms, six restaurants and bars, six swimming pools and a sports centre.
The purchase of The Lodge is Azora's fifth hotel operator in Portugal. It is Azora's fourth investment in the blue country, following those made in 2021 in the Tivoli Marina Vilamoura, Tivoli Carvoeiro and Vilalara Thalassa complexes.
The fund manager invested €148 million in the acquisition of Tivoli Marina Vilamoura and the Tivoli Carvoeiro resort through a purchase and management agreement with hotel operator Minor International, which continues to operate the assets.