Azora, one of the leading independent real estate managers in Spain with more than €4.5 billion of assets under management has added 7 hotels and 1,670 keys to its portfolio. Two of the properties are located in the Costa del Sol (Hotel Pez Espada in Torremolinos and the Hotel Riviera in Benalmádena) whilst the other five are located in the Alicante Province (Flamingo Oasis, Río Park, Riudor, Regente and Agir).
Azora plans to refurbish and re-position the hotels with a €30 million investment and increase their category mainly to 4*, while the vendor, Med Playa Group will continue operating the assets for up to 35 years.
Since 2014, Azora has been the second largest investor in resort hotels in Europe through the creation and management of Hispania Activos Inmobiliarios, a Spanish REIT vehicle. Through Hispania the group invested more than €1,300 million in the last years in the acquisition of 46 hotels (c. 13,000 keys) and achieving close to a 20% annual rate of return for its investors.
Last year, Azora reached an agreement with Oquendo Capital, pioneer manager in alternative financing, to promote closed-end investment vehicles to finance projects and companies linked to the property markets of Spain and Portugal. This partnership fits within Azora’s strategy of diversification towards new real estate segments, and also allows Oquendo to grow its position in the alternative lending sector.