Azora European Hotel & Lodging, F.C.R. has acquired a resort from Pestana Hotel Group.
Launched in 2003, Madrid-based Azora Group continues to expand in the Iberian Peninsula. In September 2021, at the time of the closing of its hospitality fund, Azora had a portfolio of 4,600 keys in 18 new properties. The investor now carries 8,000 keys in 29 properties. The group is present elsewhere in Europe and the US including through its other investment divisions: housing, student accommodation, offices, logistics, senior housing, renewable energy, data centres and infrastructure.
The funds raised in 2021 are now 60% consumed according to Azora and the investor's pipeline is still full.
After acquiring two properties under the Minor International group in the Algarve region, the Spanish company is continuing its investment in the most touristic region of Portugal with a Pestana Hotel Group resort in Alvor. The resort, which opened in 2019, has 551 rooms, six restaurants and bars and six swimming pools. This all-inclusive offer is complemented by a spa and sports facilities.
If it changes hands, the property will remain under the Pestana Hotel Group brand.
Concha Osácar, one of Azora’s Founding Partners, commented: “We retain our strong conviction on the European hotels and leisure sector, with significant pent-up demand following long periods of lockdowns and restrictions, particularly in the sun and beach markets. This transaction represents a unique opportunity both to acquire an exceptional resort in a highly appealing location, and to further grow our presence in the Algarve, a region which is already performing close to pre-covid levels thanks to its long-term attractive fundamentals."
