INVESTMENT
AZORA
wants to dominate
ITALIAN LEISURE BUSINESS
Madrid-based European private equity real estate manager Azora has high hopes for the European leisure market and has been busy acquiring assets in anticipation of a big rebound in demand .
In July 2021 , it acquired the 383- room Tivoli Marina Vilamoura resort and the 248-room Tivoli Carvoeiro resort in Portugal ’ s Algarve region through a sale and manage back transaction for € 148 million ( US $ 174 million ), including a variable price , with Bangkok ’ s Minor International .
Then , in December , Azora acquired Bluserena SPA , the second largest resort operator in Italy , from the Maresca family . The acquisition was completed on behalf of Azora ’ s latest € 1.8 billion ( US $ 2.1 billion ) pan-European hospitality fund , Azora European Hotel & Lodging , F . C . R ., which becomes more than 55 % deployed with the closing of this deal .
Bluserena currently operates 13 all-inclusive hotels with a total of 4,200 keys across Italy , including eight owned hotels representing
42 hotelsmag . com March / April 2022